Gov’t approves $1-million support to advance LRT-1 concession restructuring

The government's $1 million allocation is specifically designated for engaging transaction advisers. These experts are tasked with evaluating proposed modifications to the existing concession agreement for the LRT-1 and assisting in negotiations with the private company that operates the railway. This support aims to facilitate the government-approved restructuring of the LRT-1 Extension, Operations and Maintenance (O&M) Project concession agreement.

The funding originates from the Project Development and Monitoring Facility (PDMF), a revolving fund administered by the PPP Center. The PDMF's purpose is to assist government agencies in preparing and implementing Public-Private Partnership (PPP) projects by financing necessary technical studies, as well as financial and legal advisory services, aligning with the stated use for the LRT-1 project.

While the article details the financial support and its administrative source, it does not specify the particular amendments proposed for the concession agreement, nor does it outline the underlying reasons necessitating this restructuring. The identity of the private operator involved in the LRT-1 concession is also not disclosed within the reporting.