MPIC may sell LRT1 stake due to P828M losses

Metro Pacific Investments Corporation (MPIC) is considering selling its 35.8-percent stake in the operator of the Light Rail Transit Line 1 (LRT1), Light Rail Manila Corp. (LRMC), due to ongoing financial losses.

MPIC Chairman Manny Pangilinan stated that the losses are primarily due to the slow recovery of passenger volume post-COVID-19 pandemic and the government's denial of fare hikes.

LRMC incurred P828 million in losses in 2024, despite a 14 percent revenue increase to P2.88 billion.

These losses are attributed to expenses for upgrading the original LRT1 alignment and building a new line, including LRMC's assumption of P20 billion for the LRT1 Cavite Extension Project.