101.7% increase. Ayoko po. In article: “The ink has hardly dried with the signing of the LRT-1 extension and a fare hike is immediately [in] the offing. We will do all we can to stop this fare hike,” Colmenares added in a statement. The LMRC said that the proposed fare hike (P11 base fare plus P1 per additional kilometer) was crucial to its ability to get loans to bankroll the project which would extend the railway by 11.7 kilometer from its Baclaran-Pasay City terminal to Bacoor, Cavite and boost its total capacity from 500,000 passengers to 800,000 passengers per day. Colmenares cited a study by Ibon Foundation which showed that the fare hike—scheduled for implementation as early as Aug. 1 this year based on the concession agreement—translated into a boarding fee of P12.13 plus a distance fare of P1.10 per kilometer or a 101.7 percent increase in fares per trip. He said that the contract of the Ayala-Metro Pacific consortium allowed it to hike its fares by 10.15 percent every two years starting in August 2016 on top of the automatic adjustments for inflation (every four years), a five percent hike after completion in three years, and pass-on cost adjustments of up to five percent to cover fluctuations in electricity bills.
Posted on: Tue, 07 Oct 2014 03:36:29 +0000
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