Business

MVP Group gives up on MRT-3

Infrastructure conglomerate Metro Pacific Investments Corp. is no longer keen on taking part in the rehabilitation and upgrade of the Metro Railway Transit Line 3.

Infrastructure conglomerate Metro Pacific Investments Corp. is no longer keen on taking part in the rehabilitation and upgrade of the Metro Railway Transit Line 3.

“Wala na kami pakialam” MPIC Manuel V. Pangilinan told reporters when asked if the group was still interested in assuming the operations of the MRT-3, which runs along Edsa.

In 2011, MPIC, led by telco magnate Manuel V. Pangilinan, offered to expand and modernize the railway system which suffers from frequent breakdowns. it even offered to acquire the shareholdings of the Land Bank of the Philippines and Development Bank of the Philippines in MRT 3 for $1.1 billion.

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

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