News Flash

September 02, 2015, Wednesday
  • Hundreds of fishermen join the protest at the Quirino Grandstand vs. supposed restrictive provisions in Amended Fisheries Code. 4 hours ago |
  • Magnitude 6.1 earthquake jolts Sarangani. 4 hours ago |
  • DOTC Sec. Joseph Abaya eyes the awarding of the long-term maintenance contract for MRT 3 within the year. 4 hours ago |
  • Gov’t Procurement Policy Board okays the negotiated mode of procurement for P 2.2B maintenance contract for MRT 3. 4 hours ago |
  • Number of injured in Marikina road accident stands at 14. 4 hours ago |
  • PNP says 10-wheeler trucks like the one that figured in Marikina mishap are not allowed to travel in Barangka. 4 hours ago |
  • Reckless imprudence resulting in homicide & multiple injuries to be filed vs. truck driver involved in Marikina road accident. 4 hours ago |
  • Marikina PNP says cctv shows the 10-wheeler truck involved in Marikina accident was speeding at 60 kph along a curved overpass. 4 hours ago |
  • Marikina PNP identifies the driver of 10-wheeler truck involved in accident in Barangka, Marikina as Fernando Padilla. 4 hours ago |
  • Senators Enrile, Revilla & Fmr. Sen. Edgardo Angara among the respondents in a malversation case linked to PDAF. 4 hours ago |
  • Atty. Levito Baligod asks Ombudsman to probe the alleged misuse of P 500M worth of PDAF by NGOs not related to Napoles. 4 hours ago |
  • Malversation charges filed at Ombudsman vs. 20 incumbent & former lawmakers over alleged questionable use of PDAF. 5 hours ago |
  • Lack of documentary requirements cited as reason why CA did not confirm Comelec Chairman Andy Bautista’s appointment. 9 hours ago |
  • Sen. Juan Ponce Enrile blocks the confirmation of Comelec Chairman Andy Bautista at the Commission on Appointments. 9 hours ago |
  • Jose Maria Abaya surrenders in Camp Caringal, QC after the shooting incident in White Plains that resulted in a woman’s death. 9 hours ago |
  • Inquest proceedings ongoing for Jose Maria Abaya who fired his unlicensed gun at a van in White Plains, QC. 9 hours ago |
  • Victims of road accident in Barangka, Marikina taken to Amang Rodriguez Medical Center & QMMC. 10 hours ago |
  • Driver of 10-wheeler truck that figured in accident along Barangka, Marikina still pinned inside his vehicle as of Wednesday noon. 10 hours ago |
  • PNP Highway Patrol Group (HPG) to begin manning traffic flow at EDSA beginning Monday. 10 hours ago |
  • At least 2 killed as a 10-wheeler truck loses break & rams into 4 other vehicles at overpass going to Barangka in Marikina. 10 hours ago |
  • Some fishermen at Navotas Fish Post preferred to send 'protection' or financial aid to fellow fishermen protesting at Luneta. 12 hours ago |
  • Many fishermen at Navotas Fish Port did not join the 'fish holiday.' 12 hours ago |
  • Maynilad and Manila Water say rotating water supply interruptions may begin next week. 12 hours ago |
  • Maynilad & Manila Water say they will advise customers two days before they implement any 'rotating' water interruption. 12 hours ago |
  • Glitch occurs in new ticketing system that uses 'beep cards' in LRT 2 Santolan Station in Marikina City. 12 hours ago |
  • PNP says it can readily deploy at least 80 Highway Patrol Group members to take charge of traffic flow in EDSA. 12 hours ago |
  • Atty. Levito Baligod to submit to Ombudsman the affidavits of witnesses linking 20 current & past lawmakers to pork barrel scam. 12 hours ago |
  • Murder & illegal possession of firearms filed vs. Jojo Abaya who fired at a van at Katipunan Ave. in QC & killed a female passenger. 12 hours ago |
  • Woman dies as son of a ret. general fires at a van he thought was from a drug rehab center that was fetching him at Katipunan Ave. in QC. 13 hours ago |

MetroPac still keen on expanding MRT

By Lailany P. Gomez | Jan. 24, 2014 at 12:01am

Metro Pacific Investments Corp. on Thursday asked the government to reconsider the equity buyout of Metro Rail Transit Corp., which operates MRT Line 3, and instead allow the conglomerate to take over and expand the mass transit project.

“What we have proposed to government is for them to allow or to consider the expansion plan proposed by MPIC,” Metro Pacific president Jose Ma. Lim told reporters in an interview.

Lim made the remarks after the Budget Department announced that it was ready to release P56 billion to buy out the private sector in MRTC.

The decision affected not only the proposal of MPIC but also of conglomerate San Miguel Corp., which also wanted to upgrade and modernize the 16.9-kilometer MRT Line 3 spanning the cities of Pasay, Makati, Mandaluyong and Quezon.

SMC offered to purchase new light rail vehicles for the line.

Transportation Secretary Joseph Emilio Abaya earlier said the SMC and MPIC proposals would no longer be pursued as the government already decided to buy out the interest of the private sector in MRT 3.

MPIC gained control of MRTC when it acquired the bond holdings of the Fil-Estate Group and offered to spend $300 million to expand and modernize MRT Line 3 and another $350 million to acquire equity and some of the debt notes issued by MRTC.

MPIC now holds 48 percent of MRTC, after signing a cooperation agreement with various groups that hold rights and interests in the rail system, including Metro Rail Transit Holdings Inc., Metro Rail Transit 2 Inc. and Monumento Rail Transit Corp.

President Benigno Aquino III, however, issued Executive Order 126 in February last year, authorizing the implementation of the equity buyout of MRTC.

The government buyout is meant to recover the 15-percent equity rental payment that the government shells out under the build-lease-transfer contract with MRTC. With the buyout, the government ruled out private sector participation at the proposed expansion and modernization program of the MRT 3.

The implementation of the buyout will include the acquisition of either all outstanding shares of stock and other securities issued by MRTC and/or entities owning the MRT Line 3 project (equity purchase) or all rights, title and interests of MRTC in the MRT Line 3 project (asset purchase) pursuant to the BLT agreement.

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