Vol. XXII, No. 81 [ BusinessWorld Online ]
Monday, November 17, 2008 | MANILA, PHILIPPINES
PANGILINAN-LED Metro Pacific Investments Corp. (MPIC) expects to continue talks with the government in its bid to modernize and operate the Manila North Harbor.
MPIC Chairman Manuel V. Pangilinan told a briefing last week they hope to win the concession by the first quarter of next year.
"We expect to sign a compromise agreement to continue with the original bidding process for a negotiated bid within the next two weeks," MPIC Chief Executive Officer and President Jose Ma. K. Lim said.
A Manila trial court halted bidding for the 25-year concession in September 2007 after the joint venture between MPIC and businessman Reghis Romero II’s Harbour Centre Port Terminal, Inc. questioned a second round of bidding ordered by the Philippine Ports Authority (PPA). The companies sued PPA for declaring the bidding a failure since they were the only ones that qualified.
Mr. Lim expects the partnership to control almost half of total cargo volume at the port of Manila once it bags the contract.
Aside from North Harbor, MPIC does not have any plans to acquire major assets next year due to tight credit as a result of an ongoing financial crisis in the US and Europe.
The North Harbor concession includes operating the port’s container, cargo and passenger terminals. It has a total area of 52.47 hectares and serves the Metro Manila area, Bulacan, Pampanga, Tarlac, Nueva Ecija, Nueva Vizcaya, Rizal, Cavite, Laguna, Batangas and Quezon. — Don Gil K. Carreon
