28.4 C
Thursday, December 7, 2023

DOTr studying MPIC’s bid for MRT 3

The Department of Transportation (DOTR) said over the weekend it is studying the unsolicited proposal submitted by Metro Pacific Investments Corp. for the takeover of the operations and maintenance of Metro Rail Transit (MRT) Line 3.

DOTr Undersecretary for railways Cesar Chavez said the agency received the unsolicited offer of MPIC for MRT3 on Aug. 25 this year and “it is with the Office of the Secretary.”

“The proposal [of MPIC] will be treated based on the guidelines of PPP [unsolicited],” he said in a text message.

An unsolicited proposal is an offer made by a private group to undertake a PPP project, submitted at the initiative of the private firm, rather than in response to a request from the government.

MPIC said it submitted an unsolicited proposal together with Japanese conglomerate Sumitomo Corp. to the DOTr to upgrade and operate MRT3.

It also submitted in 2011 a $523-million offer to rehabilitate and upgrade MRT-3. The Aquino administration, however, rejected MPIC’s proposal and opted for an equity value buyout of MRT 3.

- Advertisement -


Popular Articles