ABS-CBN
LRMC hopes MPIC stays with LRT 1
Light Rail Manila Corporation (LRMC) President and CEO Enrico Benipayo is urging Metro Pacific Investments Corporation (MPIC) Chairman Manuel V. Pangilinan to reconsider exiting the Light Rail Transit Line 1 (LRT-1) operations.
Pangilinan has expressed that MPIC is considering divesting from LRMC due to continuous financial losses, citing a lack of fare hikes and slow passenger recovery post-pandemic.
Benipayo hopes Pangilinan will be patient and allow management more time to implement turnaround plans to make the rail line profitable.
Pangilinan stated that no final decision has been made, but emphasized that public-private partnerships require investors to recoup their capital, especially when using borrowed funds.
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