The government plans to take over by next year the Metro Rail Transit (MRT-3) on EDSA from its developer and owner, Sobrepeña-controlled Metro Rail Transit Corp. (MRTC) and its investors, to save money.

The takeover, through buyout, also intends to prevent MRTC from compelling the government to advance project payments to it, as guaranteed by a letter of credit with the partly state-owned Philippine National Bank.

Full article available in Business World Online (paid subscription required)