MVP?s toll road unit seeks P3B compensation for stalled toll hike
Infrastructure giant Metro Pacific Investments Corp. (MPIC) of Bilyonaryo Manuel V. Pangilinan is seeking P3 billion in compensation over the government?s failure to act on its petition for toll increase.
MPIC?s Manila North Tollways Corp. (MNTC) issued a Notice of Arbitration and Statement of Claim to the Republic of the Philippines, acting by and through the Toll Regulatory Board (TRB), consistent with the dispute resolution procedures under the existing Supplemental Toll Operation Agreement (STOA) last April 4.
The MVP firm is seeking to obtain compensation in the amount of about P3 Billion for TRB?s inaction on lawful toll rate adjustments which were due since January 1, 2013.
Despite compliance with applicable legal requirements and submission of proper petitions, and even acceding to TRB?s requests to extend the amicable settlement period by more than 90 days, MNTC has not received any feasible settlement offer from the TRB.
In view of this, MNTC was compelled to deliver the Notice to preserve its rights under the STOA.
MPIC through Metro Pacific Tollways Corp. (MPTC) holds a 75.6 percent stake in MNTC that operates the 86.7-kilometer North Luzon expressway (NLEX) and the 93.8-km Subic Clark Tarlac expressway (SCTEX).
It also operated the 13.5-km Manila Cavite expressway.
The tollroad arm of MPIC also has investments in Vietnam and Thailand.