MVP ‘pleased’ with progress, may reconsider LRT-1 exit

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February 24, 2026 | 12:00am

MANILA, Philippines — The potential exit of the Metro Pacific Group from the Light Rail Transit Line 1 (LRT-1) is on hold for now, with tycoon Manuel V. Panglilinan pleased with recent developments, according to Light Rail Manila Corp. (LRMC) president and CEO Enrico Benipayo.

“He’s happy again because of the actions of the government now. So for the moment I think he’s happy – not only MVP, but the rest of the shareholders,” Benipayo said.

For now, Benipayo said the status quo would be maintained.

“I want to say that we are grateful. In the past administrations, I mean we have tried, but at least during this administration they are hearing out our issues.. and they’re trying to solve whatever issues that we have. We are very optimistic. The partnership has improved so much during the past few years,” he said.

Last year, Pangilinan, chairman of Metro Pacific Investments Corp. (MPIC), said the company has started evaluating the possibility of divesting in LRMC, the operator of LRT-1.

He said his group was considering getting out of light rail as they continue to lose money in LRT-1.

Pangilinan later clarified that no decision about the sale of MPIC’s stake in LRMC had been reached, although he continued to express disappointment over the delays in the fare adjustments.

Benipayo had earlier expressed hope that Pangilinan would have a change of heart on the potential exit of the Metro Pacific Group from the LRT-1.

The government’s denial of fare hikes coupled with the slow recovery from pre-pandemic ridership have resulted in losses from operating and maintaining the railway.

LRMC is a joint venture company of MPIC’s Metro Pacific Light Rail Corp., Ayala Corp.’s AC Infrastructure Holdings Corp., Sumitomo Corp. and the Philippine Investment Alliance for Infrastructure’s Macquarie Investments Holdings (Philippines) PTE Ltd.

It is allowed to ask for a fare increase once every two years to recoup investments, under the concession with the Department of Transportation.

But in the past 10 years of operating and maintaining the 40-year-old railway line, LRMC’s fare adjustment in April last year was only the second time that the operator had been allowed to implement fare adjustments for LRT-1.

“We are trying to solve whatever issues we have. The objective really is for us to complete the concession. Our concession is we have to finish up to Cavite. Now that the partnership is becoming stronger, then hopefully, very soon, we can come to an agreement,” Benipayo said.