DoF to back DoTr on MRT-3 buyout

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The Finance department will take its cue from the Transportation department with regard to Metro Pacific Investments Corp.’s (MPIC) proposal to take over the Metro Rail Transit-3 (MRT-3) line, a Cabinet official said.

“Essentially we are discussing our common position with the DOTr (Department of Transportation). You know that MRT-3 is really under them. We are only involved because we own shares [in Metro Rail Transit Corp.],” Finance Secretary Carlos Dominguez 3rd told reporters.

MRTC is the private consortium that was awarded the original contract for the MRT-3. The government has an economic stake in the firm via bonds issued by MRTC’s original owners.

“Whatever DOTr decides to do operationally will have effects on our position, our financial position. We are discussing with DOTr what they really want,” Dominguez said.

Transportation Secretary Arthur Tugade declined to comment, saying that the department was focused on congressional approval of its P73.8-billion proposed budget for 2018.

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