Metro Pacific Investments Corp. (MPIC) is prepared to spend up to $700 million to improve Metro Rail Transit 3.
MPIC chairman Manuel V. Pangilinan, who earlier indicated interest in acquiring a major stake in MRT 3, said the high $700 million and the low $300 million estimates for upgrading MRT 3 are, at this point, based on "desktop analysis."
The money would be used to acquire additional trains, rolling stocks and signaling systems as well to refurbish platforms.
Pangilinan said MPIC has no timeframe yet for the investment because the company is "not in yet" in the project.
MPIC is set to acquire 29 percent in four MRT companies from the Sobrepena group which control the consortium that earlier won the contract to build and operate the train line.
The four companies are Metro Rail Transit Holdings Inc., Metro Rail Transit II Inc., Metro Rail Transit Corp. and Monumento Rail Transit Corp.
The government, through the Development Bank of the Philippines and Land Bank of the Philippines, has taken control of 70 percent of MRT by buying the interest of the other members of the MRT 3 consortium.
MRT 3 stretches 17 kilometers along EDSA. It carries 500,000 passengers a day.
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