The Aquino Administration sees the MRT 3 EVBO
as a prerequisite for the government's unrestricted control on the management of the MRT 3 system, which is designed to carry 350,000 passengers but actually ferries an average of 540,000 commuters daily.
Abaya was quoted as saying that "there are other options to push through the Evbo to allow the government to take over the mass transit system along Edsa, as directed by Mr.
It points out that Evbo "is a right only of MRTC (MRT Corp.) in case there is an event default by DOTC which will trigger default of the obligation of the country."
Aquino probably doesn't know or wasn't advised is that by doing an Evbo, government will have to be declared in default.
Under such a scheme, the terms would have to be negotiated by the parties, whereas EVBO
provided a formula for the buyout, he said.
Abaya noted that the EVBO process was clearly outlined and that there was "no room for negotiations" with MRT Holdings, the main shareholder of MRTC.
2013, the DOTC and the Department of Finance are tasked to implement the EVBO, to put an end to the ongoing arbitration case in Singapore between the DOTC and the MRTC.