Manny Pangilinan’s company offers to buy MRT for $1.1 B
Metro Pacific Investments Corp. (MPIC), chaired by business mogul Manny Pangilinan, has offered to buy the government’s stake in the Metro Rail Transit (MRT) 3 train line for $1.1 billion. MPIC said the proposed amount is enough to cover the government’s debt to MRT Corp. bondholders, Inquirer.net reports.
If the acquisition pushes through, MPIC will have "100 percent ownership of the company that holds the right to operate and manage the train line until 2025," according to Inquirer.net report.
In a letter to Finance Secretary Cesar Purisima and Transportation Secretary Jose de Jesus, MPIC said the company plans to spend $300 million to increase the MRT’s passenger capacity from 350,000 to 700,000 per day.
Transportation Undersecretary Glicerio Sicat told Inquirer.net that the government is looking into two methods of privatizing the MRT: taking over and improving the MRT before putting it up for bidding, or finding a private company that can acquire the government’s stake in the train line.
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