MPIC completes due diligence on MRT3
Infrastructure conglomerate Metro Pacific Investments Corp. has completed due diligence on the Metro Rail Transit (MRT) line 3 and is just waiting for the Department of Transportation’s decision on its offer to take over the system.
Transportation Secretary Arthur Tugade said the DOTr is currently reviewing MPIC’s offer.
MPIC president Jose Maria Lim earlier said the investment needed to upgrade the dilapidated state of MRT-3 could reach P20 billion. This includes equity investment.
Last September, MPIC secured an original proponent status from the DOTr in its bid to expand and rehabilitate MRT-3, which traverses along Edsa from North Avenue in Quezon City to Taft Avenue in Pasay City.
MPIC plans to buy out the 80 percent economic interest of government financial institutions Land Bank of the Philippines and Development Bank of the Philippines in MRT3.