Ayala to join Metro Pacific in MRT3 rehab proposal
Ayala Infrastructure Holdings president and chief executive Rene Almendras said the conglomerate will participate in the proposed unsolicited proposal of Metro Pacific to rehabilitate MRT3.
The terms of the joint venture partnership, however, have yet to be finalized. (READ: Groups of Ramon Ang, MVP set sights on MRT3 upgrade)
The two conglomerates are also partners in the operations and maintenance of the Light Rail Transit Line 1 (LRT1) and the LRT 1 Cavite Extension project under joint venture company Light Rail Manila Corporation.
"We are partners in LRT1 and we think we can make a difference in MRT3," Almendras said.
Metro Pacific submitted a proposal to the Department of Transportation in 2011, involving a $500-million investment to rehabilitate and upgrade MRT3.
The Aquino administration, however, rejected Metro Pacific's offer, which would involve raising fares for the train system.
The government holds a 77% economic interest in MRT Corporation (MRTC) through the Land Bank opf the Philippines and the Development Bank of the Philippines (DBP) through the acquisition of asset-backed bonds issued by MRTC’s original owners in 2009.
MRT 3, which runs along EDSA from North Avenue in Quezon City to Taft Avenue in Pasay City, serves more than 500,000 passengers per day, or way beyond its rated capacity of 350,000.
The line has a fleet of 73 Czech-made air-conditioned rail cars.
In January 2016, the DOTr signed a P3.8-billion 3-year contract with the joint venture of Busan Transportation Corporation, Edison Development & Construction, Tramat Mercantile Incorporated, TMICorp, and Castan Corporation to maintain the rolling stock and signaling system – the most critical maintenance component of MRT3. – Rappler.com