P54-B govt loan may not be enough for MRT 3 – senator

THE government will borrow P54 billion to finance its planned buyout of Metro Rail Transit 3 (MRT3) next year but there is no guarantee the amount will be enough to give it full control of the rail line, a lawmaker said on Monday.

“That amount, which was authorized by DOF (Department of Finance) Secretary Cesar Purisima to effect the MRT 3 buyout, is actually a loan. Thus, although it is unprogrammed, once the loan has been signed, it will be reflected in the GAA (General Appropriations Act) and the DOTC (Department of Transportation and Communications) is apparently to push through with the buyout,” Senator Francis Escudero, chair of the Senate finance committee, said.