Instead of going into upgrades, the additional revenue from the - TopicsExpress

Instead of going into upgrades, the additional revenue from the imminent fare hike for the Metro Rail Transit 3 will be used to pay the multimillion-peso monthly fees to the private concessionaire that owns the train line. Department of Transportation and Communication (DOTC) Secretary Joseph Emilio Abaya admitted Sunday that the estimated P1 billion additional income the agency will collect annually from increasing the MRT fare will go to the escrow account set aside for the payment of the governments monthly dues to the MRT Corporation under the build-lease-transfer agreement. The income collected from MRT-3s operations is deposited in the escrow account as per the governments agreement with the railway lines private owner while the monthly payment to the MRTC is short by around P600 million, Abaya explained.

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