MANILA, Philippines - Proposed amendments to the concession agreement of the Light Rail Transit 1 Cavite extension project would still have to be approved by the National Economic and Development Authority board.
Transportation Secretary Joseph Emilio Abaya said amendments to the concession agreement will be discussed by the NEDA board, chaired by President Benigno Aquino, by the second week of November.
"I heard NEDA has scheduled it on the second week of November," he said.
Only one of the four pre-qualified bidders submitted a bid for the project last August 15, prompting the DOTC to revise the concession agreement.
Five major issues in the revised agreement were addressed, namely real property tax, power rates, warranty on the structure, fare adjustments, and allowing a negative bid.
Abaya earlier said the government will shoulder real property taxes of about P2 billion to pay the difference in sudden spike in power rates, the 5 percent increase in fare, and allow a negative bid.
Revisions to the concession agreement have already been presented to the NEDA - Investment Coordination Committee (NEDA-ICC) but would still have to be approved by the NEDA board.
"The President will be there and he has his own questions. We are prepared for that,” Abaya said.
A new south endpoint in Niog, Bacoor, Cavite will open under the LRT’s Cavite Extension project which includes eight stations (with a provision for two future stations), 10.5 kilometers of viaduct, support beams, and 3 intermodal facilities.
The P30 billion construction of the tracks, stations and all its attendant facilities will be bidded out, while the other P30 billion will be provided by the government through official development assistance (ODA).