Government needs $1 billion to buy out Metro Rail Transit line

President Benigno Aquino III has approved a proposal to buy out private sector stakes in the Metro Rail Transit.

President Benigno Aquino III has approved a proposal to buy out private sector stakes in the Metro Rail Transit.

 

Iris Gonzales and Lawrence Agcaoili of the Philippine Star report Aquino approved the plan upon the recommendation of the Cabinet at a meeting on Tuesday.

 

"The national government would be studying where it would source at least $1 billion needed to buy out the private sector stake in Metro Rail Transit Corp. (MRTC), the private contractor of MRT-3, " the report said.

 

The buyout is expected to save billions in taxpayers’ money that goes to subsidizing fares on the train line, the report said.

 

The President has also ordered the Department of Justice to look into supposed anomalies "in the acquisition of the stake in MRT-3 by the Development Bank of the Philippines (DBP) and Land Bank of the Philippines (Landbank) without voting interests during the time of former President and now Pampanga Rep. Gloria Macapagal-Arroyo."

 

For more on this story, log on to PhilStar.com.

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