(For serious reader only) He he he. Ginagago tayo ng ating mga Kamara de Representante, basahin ninyo at intindihin mabuti kong ano ba ang nangyayari sa MRT. MRT 3 IS VERY PROFITABLE BUSINESS IF THERE ARE NO CORRUPTION. IN ONE DAY ALONE, IT TRANSPORTS ALMOST 800,000 PASSENGERS. DONT BELIEVE IT IS LOSING, NO SIR. IT LOSES REVENUE BECAUSE OF CORRUPT GOVERNMENT OFFICIALS AND DISADVANTAGEOUS CONTRACT WITH THE PRIVATE COMPANY. IN FACT IN ONE MONTH MAINTENANCE, THE GOVERNMENT SPENTS 57 MILLION PESOS/MONTH OR 517 MILLION PESOS PER YEAR WITH A MAINTENANCE PROVIDER WHO IS NOT QUALIFIED. AND THIS IS THE ROOT CAUSE WHY MRT 3 IS LOSING. PLEASE READ THE ARTICLES BELOW TO UNDERSTANED THE ENTIRE SITUATION. DONT BELIEVE OUR CONGRESSMEN, THEY DO NOT KNOW ANYTHING EXCEPT.....HE HE HE. DO I HAVE TO SAY MORE? 1. Vitangcol relieved as MRT chief | Headlines, News, The ... philstar/…/2…/05/27/.../vitangcol-relieved-mrt-chief May 27, 2014 - Metro Rail Transit 3 (MRT-3) general manager Al Vitangcol III was ... maintenance contract to a company controlled by his wifes uncle. ... “I was not part of the discussion which was held between Mr. Husek on one side and .. 2. The government is about to complete the buyout of MRT 3, the elevated rail system running above Edsa. But wait a minute, look at its background first. MRT 3 is a sinkhole of public money, compared to which Janet Lim Napoles’ P10-billion pork barrel scam appears piddling. With the $1.8 billion in government subsidies and the over $485.5 million interest the Philippine government has coughed up to project lenders, MRT 3 has cost taxpayers an estimated $2.5 billion in the last 14 years. The government adds an amount to the fare that each MRT passenger pays to assure the operators of MRT 3 a 15-percent profit on investments. The pork barrel scam of Napoles and cohorts pales in comparison as it translates to only $228 million—less than 10 percent of the MRT 3 godzilla. Already, the $2.5 billion that the government has spent is almost four times the amount it took to build the whole MRT 3 project. That’s only the good news. The bad news is that it does not end there. Unconscionable profiteering and seething corruption occur every day at MRT 3. Advocating a shift to government control, Sen. Chiz Escudero avers that the MRT 3 Build-Lease-Transfer (BLT) agreement “has been anomalous and grossly disadvantageous to the government from the very beginning.” He reiterated the need to resolve the ownership of MRT 3 soon “because it is hurting the implementation of an efficient and sufficient mass transport system for the riding public.” Escudero’s contenton fits snugly with public record. After the Department of Transportation and Communications declared it the only prequalified bidder in 1991, Edsa LRT Consortium, composed of 10 local and international companies, submitted a bid to build the project for $350 million. However, then Transportation Secretary Pete Nicomedes Prado entered into a BLT agreement not with Edsa LRT Consortium but with an Israeli businessman, Elijahu “Eli” Levin, owner of a shell company uncannily named Edsa LRT Corp. Ltd. Let’s call it ELCL for short. No law, decree or commandment allowed Prado to substitute ELCL with the prequalified and winning bidder, which was Edsa LRT Consortium. After all, ELCL was organized in Hong Kong just one month before it closed the deal with Prado and had a measly $998 capital, according to former senator Francisco Tatad. ELCL failed to prove that it had sufficient net worth and liquid assets, and a credit line fully committed to the project (Edsa LRT 3), which are legal preconditions for entering into a BLT agreement with the DOTC. Tatad also said that Prado signed the agreement “over the misgivings of the National Economic and Development Authority, the secretary of finance, and the governor of the Central Bank [now officially referred to as Bangko Sentral ng Pilipinas] on its financial viability, and doubts on the legality of the contract from the Department of Justice.” The building blocks of corruption followed the illegal signing of the agreement. The original $350-million project cost was nearly doubled. The BLT was further “enhanced” with a sovereign guarantee ensuring an annual 15-percent return on investment (ROI), which forced taxpayers to subsidize ELCL’s profit-taking. The agreement was extended from 25 to 50 years. Everyone knows that MRT fares cover only the cost of operating and maintaining the rail system, at best. In other parts of the world, development rights are normally given to investors in railway projects; this is where the ROI comes from in railway investments. Not for MRT 3’s 13 stations, including the state-owned 16-hectare land where Trinoma now stands. Under the “enhanced” agreement, ELCL does not have to develop the commercial potential of the land that MRT 3 occupies. Why bother? Their ROI is a clean 15 percent of everything, guaranteed by a sovereign government and subsidized from the pocket of every Filipino taxpayer—for 50 years! A legal expert, familiar with a 2011 preliminary internal investigation of MRT 3 by the Senate finance committee, opines that the original BLT agreement, being contrary to law when it was executed in 1991, is “void ab initio” (has no value from the very beginning). Here’s a chance for Senator Escudero to make the Senate rise from the muck after the Napoles pork barrel scam. Show resolve and concern by formally convening the Senate finance committee to immediately investigate the MRT 3 fiasco before the planned MRT 3 buyout is finalized. But it still beats me: How on earth can a foreign businessman with $998 in capital sashay into our islands’ corridors of power and sign lucrative contracts with the high and mighty? Read more: opinion.inquirer.net/…/mrt-3-fiasco-dwarfs-pork-barr… Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook 3.TRANSPORTATION Secretary Joseph Emilio Abaya is optimistic that the government will get the entire ownership of the Metro Rail Transit 3 (MRT 3) by the end of this year or early next year. In an interview after a Senate finance committee hearing on the proposed budget of the Department of Transportation and Communications on Tuesday, Abaya told reporters that the buy-out of Metro Rail Transit Corp. (MRTC) will pave the way for implementation of programs to improve the railway, which recently suffered glitches. The MRTC entered into a build-lease-transfer contract with the DOTC to build the MRT 3 project in 1997 with a put-up equity of $190 million. The government has since been paying for the project. Over the years, the MRTC has retained control of the operations and development of the MRT 3, and has been collecting and receiving income from development rights payment (DPR) from commercial rights and development of the 16-hectare depot site, including all concessions to develop air and ground spaces. In 2010, state banks like the DBP (Development Bank of the Philippines) and the Land Bank acquired a controlling interest in MRT 3 by accumulating equity in the debt paper of the MRTC to realize savings for the government. Abaya said Executive Order 167 required the DOTC and the Department of Finance (DOF) to implement the Equity Value Buy Out (EVBO) to put an end to the ongoing arbitration case in Singapore between the DOTC and the MRTC. The DOTC is seeking P53 billion for the EVBO but Congress is yet to approve it. Senator Francis Escudero, chairman of the Senate finance committee, has been pushing for the settlement of ownership of the train line since 2010 in order to determine the status of the operational control of MRT 3 and allow development plans to move forward. “The government must already by now have the rightful control of the MRT 3 operations. Unless we resolve this issue, we prolong the agony of the public waiting for an effective and efficient mass transport system,” Escudero said. Abaya said they are hoping to get the opinion of the Office of the Solicitor General (OSG) on the matter and get a compromise agreement signed by the MRTC before the end of September. “From there we forward that to the arbitration court, get its blessings and eventually have it executed under Philippine jurisdiction,” he explained. • manilatimes.net/abaya-sees-completion-mrt-3-b…/…/ 4. Mantakin ninyo, pagkatapos na bibilhin ng government natin ang MRT sa halagang 53 billion pesos para ma punta sa gobyerno ang complete buy-out from the original private company ang MRT, AT SAKA IBIBIGAY NAMAN ANG MANAGEMENT NG MRT SA AYALA GROUP OF CORPORATION KUNG SAAN MAKIKINABANG ANG AYALA SA PROFIT NA KIKITAIN NG MRT. UULITIN KO, ILILIPAT ANG MANAGEMENT SA AYALA, HINDI BILI, AT KUNG BILI NG AYALA, INSTALLMENT PA! ANG KIKITAIN NG AYALA SA PAG OPERATE NG MRT ANG SIYA RING IBABAYAD SA GOBYERNO KUNG SAKALI. 5. MGA ULOL ANG MGA REPRESENTATIVE NATIN KUNG AKALA NILA MAPAPAIKOT-IKOT NILA ANG ISIP NG TAONG BAYAN. ITO ANG PINAKA MALAKING SCAM, LUGI NA ANG MAMAMAYANG NAGBAYAD SA UTANG NG DAPAT BAYARAN NG PRIVATE INVESTOR, LUGI NA ANG TAX PAYERS SA PAG GUARANTEE NG 15% PROFIT (WIN OR LOSS), TAPOS LALO TAYONG MALULUGI SA PAGBAYAD NA NAMAN NG 53 BILLION BUY-OUT. Ha ha ha. Tanga na lang ang hindi nakakaintindi nito. Thank you Mr. Congressman, but no thanks. newsinfo.inquirer.net/640637/ombudsman-orders-probe-of-abaya-vitangcol-over-mrt-3-fiasco opinion.inquirer.net/75997/mrt-3-fiasco-dwarfs-pork-barrel-scam
Posted on: Thu, 18 Dec 2014 14:51:32 +0000
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