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Oct 1, 2017 @ 22:09

MPIC-Ayala Group offers P20B to upgrade MRT3

 

The consortium of Metro Pacific Investments Corp. and Ayala Corp. has increased the initial investment to rehabilitate and upgrade the busy Metro Railway Transit Line 3 to as much as P20 billion.

MPIC president Jose Maria K. Lim said the group, which obtained original proponent status from the Department of Transportation for the MRT 3 project, was looking to have its first meeting with the National Economic and Development Authority.

“We are [now] waiting for NEDA to inform us when they want to have the fist meeting to review the terms [of our proposal]. If [the terms are] acceptable then it will be subject to a Swiss Challenge,” Lim said.

The consortium is also looking at buying out the stake of the government and private investors in MRT 3.

In its earlier proposal submitted to the DoT, the MPIC-Ayala group offered to take over the rehabilitation of MRT 3 at P12.5 billion.

The consortium is also looking at buying out the stake of the government and private investors in MRT 3.

The government through Land Bank of the Philippines and the Development Bank of the Philippines own a combined 80-percent economic interest in MRT 3, while the balance is held by creditors of Metro Rail Transit Corp.

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