MPIC eyes LRT-1 exit

Tycoon Manuel V. Pangilinan's Metro Pacific Group is eyeing to sell its 35.8-percent stake in the operator of the Light Rail Transit Line 1 (LRT-1) due to mounting losses arising primarily from fare deficit.

- By ELIJAH FELICE ROSALES

Pangilinan yesterday said the Metro Pacific Investments Corp. (MPIC) has started evaluating the possibility of divesting in the LRT-1's operator Light Rail Manila Corp.

LRMC is losing hundreds of millions of pesos annually from operating and maintaining the railway, caused by the slow recovery from pre-pandemic ridership and the government's denial of fare hikes.

"We are still losing money on LRT-1 because of COVID. Ridership went down obviously and it has not fully recovered from COVID. We continue to lose money from LRT-1. We are considering selling it. We are considering getting out of light rail," Pangilinan said.