LRTA awards ₱65-Billion Cavite Extension project to Metro Pacific - Ayala Group Consortium

Proposed LRT-MRT intersection Stations - DOTC

 

LRTA awards LRT1 Extension project to MPIC-Ayala tandem

MANILA, Philippines - The board of the Light Rail Transit Authority (LRTA)  has approved the recommendation to award the ₱65-Billion ($1.5 Billion USD)  LRT1 Cavite Extension project to the tandem of  infrastructure giant Metro Pacific Investments Corp. (MPIC) and conglomerate Ayala Corp.

Hernando Cabrera, LRTA spokesperson, said the board has approved the awarding of the public private partnership (PPP) project to the Light Rail Manila Consortium based on the recommendation made by the Department of Transportation and Communications (DOTC) Special Bids and Awards Committee (SBAC) last Monday.

 “The LRTA board approved the award as recommended by the SBAC,” Cabrera said.

The LRTA board is composed of eight ex-officio cabinet members, chaired by Transportation Secretary Joseph Emilio Abaya, with the heads of the  Department of Public Works and Highways (DPWH), Department of Budget and Management (DBM), Department of Finance (DOF), National Economic and Development Authority  (NEDA), Metropolitan Manila Development Authority (MMDA), Land Transportation Franchising and Regulatory Board (LTFRB), LRTA administrator, and a representative from the private sector.

The LRTA board was supposed to meet in the second week of July but was moved to July 16 due to the lack of quorum. However, the July 16 meeting was called off due to Typhoon Glenda.

The meeting finally pushed through last Wednesday but the awarding of the project was not discussed due to numerous items in the agenda prompting the LRTA board to meet again yesterday morning where the award of the project to the Light Rail Manila Consortium was finally approved.

Cabrera said the LRTA board authorized the DOTC chief to sign and issue the Notice of Award and Concession Agreement for the project.

 “Secretary Abaya was authorized to sign and issue the Notice of Award and the Concession Agreement,” Cabrera said.

DOTC spokesman Michael Arthur Sagcal said in a text message that the agency would wait for the LRTA Board Resolution approving the award of the PPP project to the Light Rail Manila Consortium.

 “We will await the LRTA Board Resolution approving the BAC’s recommendation to award the project. Once the resolution is received, Secretary Abaya may then issue the Notice of Award to the Light Rail Manila Consortium,” Sagcal said.

MPIC Light Rail Corp. leads the group with 55 percent followed Ayala’s AC Infrastructure Holdings Corp. with 35 percent and Macquaire Infrastructure Holdings (Philippines) Pte Ltd. with 10 percent.

MPIC president Jose Maria K. Lim said the group has one year from the issuance of the Notice of Award to take over the facilities of LRT1.

 “We have one year to take over and then we have five years to deliver the extension,” Lim told reporters

The group would have 20 days from the Notice of Award to make the 20 percent down payment while the remaining 80 percent would be paid during the 32-year concession period.

Ayala Corp. managing director John Eric Francia said the consortium is looking forward to the customary closing of the transaction.

 “There is much work to do to enhance the system and customer experience, and we look forward to get going soon,” Francia said in a text message.- philSTAR By Lawrence Agcaoili

 
Share on Google Plus

About Webber

I am among of the writers and administrators of this web site. I always on the heads up when it comes to Sports, Politics, Economy, Business, Physics, Mathematics, Technology, computers and NEWS all over the world that triggers ny eyes and interests. I am working as a volunteer with other 14 administrators, researchers, writers and contributors. We are a strong solid team. Join us and be among of the contributor with your name on each posted article.

    Anonymous or Google Comment
    Facebook Comment

YOU MAY LIKE TO READ

LEARN FOREX TRADING AND GET RICH

Investment Recommendation: Bitcoin Investments

Live trading with Bitcoin through ETORO Trading platform would allow you to grow your $100 to $1,000 Dollars or more in just a day. Just learn how to trade and enjoy the windfall of profits. Take note, Bitcoin is more expensive than Gold now.


Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph
For outside the Philippines customers  may buy Bitcoins online at Coinbase.com