Metro Pacific Investments Corporation said that it is open to subject its USD 650 million offer to operate and expand Mass Railway Transit 3 under the Swiss Challenge.

Mr Jose Ma Lim president of Metro Pacific said that the company re submitted its proposal to the Transportation Department. He added that "The company also offered to make this proposal subject to a Swiss Challenge so the process can be transparent and show to government that this is the best option for them."

Under the Swiss Challenge, other bidders will be given the opportunity to submit better offers on how to develop MRT 3. If the government finds one of the competing proposals more attractive, Metro Pacific has the opportunity to match them and win the project.

He added that "We are hopeful that the proposal will be better received by the new leadership."

Mr Lim said that the company was also open to take market risks and refrain from asking for government subsidies. Metro Pacific, however, wants a regular review of the investment for possible fare adjustments. The company earlier offered to invest USD 300 million to double the capacity of the MRT 3.

Mr Lim assured rail fares would not be higher than current bus rates.

Metro Pacific has also offered to USD 300 million to USD 350 million to cover 40% of the subsidies that the government is now paying and purchase some of the MRT bonds held by third parties. About 75% of the MRT bonds are held by state owned Development Bank of the Philippines and Land Bank of the Philippines.

Metro Pacific in exchange sought the rights to manage the MRT line for a 30 year period.

(Sourced from www.manilastandardtoday.com)