Metro Pacific Investments Corp. (MPIC) is considering divesting its 35.8% stake in Light Rail Manila Corp. (LRMC), operator of LRT-1, as the transport venture continues to incur losses amid slow ridership recovery.
“We are still losing on LRT-1 in part because of COVID-19 (pandemic). Ridership went down obviously and it has not fully recovered. We continue to lose money from LRT-1 and I think we are considering selling it, getting out of the light rail,” MPIC Chairman Manuel V. Pangilinan said.
When asked if talks with prospective buyers have begun, he noted: “Not yet, we are just talking about it yesterday and people are complaining that we are losing money so why do we need this.”
The possible exit comes as MPIC signals reluctance to take on new rail projects, including MRT-3, citing lack of approved fare adjustments.
In a separate development, LRMC reportedly offered in September to complete the long-delayed Unified Grand Central Station, or Common Station, in North Edsa, Quezon City.