Metro Pacific Investments Corp. completed the due diligence for the takeover of Metro Rail Transit Line 3, Transportation Secretary Arthur Tugade said Monday.
Tugade said the Department of Transportation was now evaluating the offer of MPIC, although he did not disclose the specific bid.
MPIC president and chief executive Jose Maria Lim earlier said the required amount of investment for MRT 3 could reach P20 billion, including the equity component.
MPIC already secured an original proponent status from DOTr in September for the expansion and rehabilitation of MRT 3.
The company also plans to buy out the stake of the government and private investors in MRT 3.
The government through Land Bank of the Philippines and Development Bank of the Philippines own a combined 80-percent economic interest in MRT 3. The balance is held by creditors of Metro Rail Transit Corp.
MPIC in 2011 offered to buy out the shares of LBP and DBP in MRT 3 for $1.1 billion. MPIC submitted a proposal to the department in 2011 to invest $524 million to rehabilitate and upgrade the line.
The Aquino administration, however, rejected MPIC’s offer that would involve raising commuter fares.
MRT 3, which runs along Edsa from North Avenue in Quezon City to Taft Avenue in Pasay City, serves over 500,000 passengers a day, beyond its rated capacity of 350,000.
The line has a fleet of 73 Czech-made air-conditioned rail cars.