R-1 Consortium, headed by DM Wenceslao, said over the weekend it initiated arbitration proceedings with the Philippine Reclamation Authority in May to settle their pending outstanding issues and payment.
Wenceslao said in a statement it sent a notice of arbitration to PRA after waiting several years to be paid by the PRA for their reclamation works in Manila Bay which was completed in 2008. The PRA acknowledged the notice on May 26 and committed to communicate at the soonest possible time, Wenceslao said.
Wenceslao said it was also puzzled on the reported probe initiated by 1Pacman Rep. Eric Pineda on the alleged delay in the reclamation project as the project was completed more ten years ago.
It said PRA received its share and proceeds from the project and transferred and sold the same share to other parties.
Acknowledging Wenceslao’s and R1’s accomplishments in the reclamation project, PRA pledged payment to Wenceslao for its accomplishments through PRA’s board resolution made in 2009.
