Let’s Follow The Next Chapter Of The MRT3 Project Novel Book #PublishingArticles

Let’s Follow The Next Chapter Of The MRT3 Project Novel Book #PublishingArticles

The saga of MRT story still continue as the Department of Transportation and Communications (DOTC) hopes to forge a compromise agreement with the Metro Rail Transit Corp. (MRTC) for the complete government takeover of the MRT3.

The government is looking at striking a compromise with MRTC within the third quarter to allow the government to buy back full ownership of the 17-kilometer mass transit system along EDSA. The agreement involves the buyout of MRTC’s shares in MRT3.
THE government will allot P55 billion to P56 billion to buy out the private owners of the Metro Rail Transit Line 3 (MRT 3), Transportation Secretary Joseph Emilio Abaya said.

The Filipinos didn’t forget the scandal it brought to growling public. Thus, this scandal will surely resolves when the truth must be fully established according to the initiatives of our authorized government institution who could resolve their true intentions to the case.

Again, the buying out of MRT3 is the continuation of the scandal and really resolving itself through the initiatives of the government. What else can we expect the excellent projection of our own DOTC Secretary Emilio Abaya?

In fact, the DOTC has also sought an opinion from the Office of the Solicitor General (OSG) regarding the full government takeover of MRT3 and after which the government will sign a compromise agreement with MRTC then submit to the arbitration panel.
They should do the talking and forwarding the same to the proper authorities in consolidating the issues at hand. If government’s 100% sure of the Landbank stature by its board resolution regarding the proposed equity value buy out, then, they should push DBP for its similar resolution done by the Landbank.

Another problem the government’s facing: MRTC filed an arbitration case in Singapore against the Philippine government in January 2009 due to failure to pay equity rentals in a timely manner, while another case was filed against the government recently over the decision of the DOTC to award a P3.8 billion contract to CNR Dalian Locomotive & Rolling Stock Co. of China for the supply of 48 brand new light rail vehicles for MRT3.

The government requires the arbitration blessing from Singapore Court, and the DOTC is confident in the completion of the planned buyout as the government has enough seats in the board of MRTC.

The government is pursuing a buy out because of the heavy subsidy it has been providing MRT 3 in the past decade.
The Department of Transportation and Communications (DOTC) said the government has so far shelled out about P75 billion worth of subsidy for MRT 3 and the buyout meant to free the government of its 15-percent equity rental. Once the planned buyout is executed, the DOTC is considering the privatization of the operation and management (O&M) of the MRT 3.

The Government could have avoided all the current and potential legal hassles in this MRT3 capacity expansion project had DOTC only abided by the 1999 BLT agreement and allowed MRTC to do its job of choosing the M&O contractor for this EDSA rail line.
So, what will happen now that the Philippine government wants to take over MRT 3 within Q3 of 2014?

Let’s follow the next chapter of the MRT3 Project Novel Book.