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Oct 21, 2018 @ 20:05

Gov’t leaning toward bidding out MRT3

 

The Department of Transportation is considering bidding out the rehabilitation, operation and maintenance (O&M) of the dilapidated Metro Rail Transit Line 3.

Transportation Secretary Arthur Tugade said the agency plans to sell it lock, stock and barrel.

“Gagawin ko solicited proposal. Pati yung issue of equity and loans kasama na sa package,” Tugade told reporters.

It would be recalled that In September last year, the DOTr granted original proponent status to the group led by Metro Pacific Investments Corp. And Ayala Corp. for its P12.5 billion proposal to rehabilitate and operate the MRT3.

The consortium earlier offered to buy out the shareholdings of the government and private investors in MRT 3.

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

MPIC in 2011 offered to buy out the shares of LBP and DBP in MRT 3 for $1.1 billion.

MRT 3, which traverses from North Avenue in Quezon City to Taft Avenue in Pasay City, serves over 500,000 passengers a day or beyond its rated capacity of 350,000.

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