MVP urged to reconsider potential exit from LRT-1

Light Rail Manila Corp. (LRMC) president and CEO Enrico Benipayo is hoping that tycoon Manuel V. Panglilinan would have a change of heart on the potential exit of the Metro Pacific Group from Light Rail Transit Line 1 (LRT-1).

- By RICHMOND MERCURIO

"I hope I'll be able to convince our chairman. We're meeting him," Benipayo said.

"As we did with our other shareholders like Ayala and Sumitomo, I think both of them have bought in the plan to turn the corner for LRMC. So it makes more sense for our shareholders. So hopefully, we'll be able to proceed with that plan, with the buy-in of our chairman of course," he said.

Pangilinan, chairman of Metro Pacific Investments Corp. (MPIC), said last week the company has started evaluating the possibility of divesting in LRMC, the operator of LRT-1.

He said his group is considering getting out of light rail as they continue to lose money from LRT-1.

In a virtual press briefing in Hong Kong last Thursday, Pangilinan clarified that no decision about the sale of MPIC's stake in LRMC has been reached.

"Nothing's final," he said.

However, the tycoon expressed disappointment over the delays in the fare adjustments.