Metro Pacific Investments Corp. (MPIC) is considering selling its stake in Light Rail Manila Corp. (LRMC), operator of the LRT Line 1, as the business continues to lose money.
Chairman Manuel V. Pangilinan said ridership has not fully recovered since the pandemic, hurting revenues. MPIC owns 35.8 percent of LRMC, alongside Ayala Corp. (35 percent) and Macquarie Investments (10 percent), following Sumitomo Corp.’s 2020 acquisition of a 19.2 percent stake.
LRMC has operated LRT-1 since 2015 under a 32-year, ₱65-billion concession. The company recently opened Phase 1 of the LRT-1 Cavite Extension, adding five new stations and extending the line to 26 km. The project aims to cut travel time and add 80,000 daily passengers once fully operational.
