LRMC puts divestment plans on hold as government ties improve
Light Rail Manila Corp. has paused its planned divestment after improved coordination with the government, as LRT-1 ridership returns to pre-pandemic levels and expansion to Cavite continues.
Photo courtesy of LRMC
Light Rail Manila Corp. (LRMC) has put its planned divestment on hold following what it described as improved coordination with the government.
LRMC President and CEO Enrico R. Benipayo said in a recent interview with reporters that the group’s principal is no longer pushing for changes for now after recent actions by the administration addressed long-standing concerns related to the concession agreement.
On the planned divestment, Benipayo said the company would maintain the status quo, adding that the group’s principal is “happy again because of the actions at the moment.”
He declined to disclose the amount of the deficit previously raised by businessman Manuel V. Pangilinan as a key issue but acknowledged that it had been central to earlier tensions.
“I cannot divulge it, but I just want to say we are thankful because in past administrations we tried. At least during this administration, our issues were heard,” Benipayo said.
He said the company is working to resolve remaining concerns, stressing that its main objective is to complete the concession.
“Our objective really is to complete the concession. Under our concession, we have to finish up to Cavite. The partnership is becoming stronger and, hopefully very soon, we will be able to complete it,” he said.
LRMC operates the LRT-1 system and is undertaking its extension to Cavite under its concession agreement.
Benipayo added that passenger traffic has fully recovered to pre-pandemic levels, with daily ridership now back to about 440,000 — matching figures before COVID-19. The company is targeting an average of around 450,000 passengers per day by year-end.