News Flash

September 06, 2015, Sunday
  • ‘Ilocos Times’ columnist Stephen Barreiro was buying items in a store with his 2 daughters when he was killed by gunmen. 10 hours ago |
  • ‘Ilocos Times’ newspaper columnist Stephen Barreiro shot dead inside a convenience store in Pasuquin, Ilocos Norte. 10 hours ago |
  • NBA MVP Stephen Curry arrives in Manila for a one-day promotion of a brand of sports gears. 10 hours ago |
  • Philpost to launch stamps dedicated to teachers. 10 hours ago |
  • Shabu worth P 90K contained in sachets hidden inside toys being sent to Iceland seized at NAIA. 10 hours ago |
  • PNP HPG Director Arnold Gunnacao says motorists can take video of cops issuing tickets for traffic violations. 10 hours ago |
  • PNP HPG members to conduct a ‘walk through’ of their areas of assignment along EDSA this weekend. 10 hours ago |
  • MMDA to give one of its Metrobase rooms to PNP HPG for use in coordinating EDSA traffic beginning Monday. 10 hours ago |
  • Tow trucks to be deployed along EDSA to remove illegally-parked vehicles. 10 hours ago |
  • MMDA & PNP Highway Patrol Group hold final briefing on traffic rules to be enforced at EDSA starting Monday. 10 hours ago |
  • Provincial buses plying along EDSA to be diverted to C-5 from 6 to 9 in the morning. 10 hours ago |
  • Batangas Gov. Vilma Santos describes as exaggerated the rumors on the supposed fate of 4 missing kids. 10 hours ago |
  • Authorities say there is no proof that the 4 missing kids in Bauan, Batangas were abducted. 10 hours ago |
  • PNP & LGU warn vs. false horror stories circulating about 4 missing kids in Bauan, Batangas. 10 hours ago |
  • Bus catches fire along NLEX. Passengers safe. 10 hours ago |
  • ITCZ affecting Southern Luzon and Visayas. 10 hours ago |
Advertisement

Govt settles MRT feud via MetroPac buy-out

By Joyce Pangco Panares | Mar. 11, 2013 at 12:01am
PRESIDENT Benigno Aquino III has approved the government’s buyout of Metro Rail Transit Line 3 to end the pending arbitration between it and Metro Pacific Investments Corp., the company controlling MRT-3 and which has sued the government over delayed equity rental payments.

“The government is desirous to provide a more efficient and publicly-safe MRT Line 3 by introducing capacity expansion projects, put an end to the arbitration case filed by MRTC against the Philippines, and manage the financial burden on the part of the government posed by the build-lease-transfer agreement,” Mr. Aquino says in Executive Order 126.

EO 126 authorizes the implementation of an equity value buyout of MRTC. The government holds a 77-percent economic interest in the firm, but it does not have voting rights.

The order directs the Finance and Transport Departments departments, the Development Bank of the Philippines and Land Bank of the Philippines “to proceed with the implementation of the equity value buyout.”

The buyout will involve either an equity purchase involving all outstanding shares of stock and other securities issued by MRTC or an asset purchase of all rights, title and interests held by MRTC.

A compromise agreement will also be executed between the government and MRTC to end the arbitration case.

The Palace did not announce the amount required for the buyout, but EO 126 authorizes the Finance Department to “raise funding through the issuance of new borrowing, domestic or foreign, to carry out the EVBO and its components.”

MRT-3, which runs on Edsa from Taft Avenue to North Avenue, carries 540,000 passengers a day, or way above the original design capacity of 350,000 passengers daily.

The government pays about P7 billion a year to subsidize MRT-3’s operations.
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by MST.ph. Comments are views by manilastandardtoday.com readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandardtoday.com. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with MST.ph editorial standards, MST.ph may not be held liable for any false information posted by readers in this comments section
comments powered by Disqus

In This Category

Want Updates?

Be the first to know on what is latest from MST.ph, simply enter your email below to get started. We don’t spam dont worry!

Advertisement