PURISIMA AT RECTO

" MAGANDA NAMAN ANG E-VAT AH?

"THE 30 BILLION PESO-BUDGET GIVEN TO US BY ABAD AT THE FINANCE DEPARTMENT OFFERS A GREAT HELP TO THE PHILIPPINE ECONOMY. 

THE MORE BUDGET WE HAVE, THE BETTER FOR ALL OF US."

            "KAYONG DALAWANG CACIQUE, MY ASSS!!!"

WORM

                       HOMO BULATIKUS

ANO ANG TUMATAKBO SA MGA UTAK NG HACENDERO?

                                     * * *

Aquino on Privatization: "Essentially, to have a better service, one must pay for more . . ."

WALANG PATAWAD!

SA BLOG NA ITO, WE DON'T MINCE WORDS.

KAPAG CORRUPT KA, UUPAKAN KA RITO! ARAW-ARAW, MAY KINAKATAY DITO!

RELATIVES NA AQUINO-COJUANGCO

    THE KAMAG-ANAK INCORPORATED

    One of the biggest urban legends of recent times in the Philippines, is the story that the Cory Administration was supposedly the “cleanest” among the Administrations in the last three decades.

    Philippines: Scandals During The Cory Administration One of the biggest urban legends of recent times in the Philippines, is the story that the Cory Administration was supposedly the “cleanest” among the Administrations in the last three decades. Thanks to Nostalgia, and the fact that her Administration was at the dawn of the internet age, much of the negativities of that Administration has been largely forgotten, and people tend to remember only the “good” things about that Administration. Well, thanks to Noynoy Aquino’s “holier-than-thou” campaign strategy, much of the “unpleasantries” during Cory’s time are being brought back to the surface slowly, but surely. Here are some that I have managed to dig out: ‘Philippine Air Lines Stocks to Nephews’ Cory approved in January 1992 the sale of 67% of the stocks of the Philippine Air Lines (PAL) to an investment group headed by her relatives, composed of one of her Tanjuatco nephews and three of her Cojuangco nephews. The sale resulted in a loss of USD 300-million plus for the Filipino people. The Philippine government, through the Government Service Insurance System (GSIS), owned the shares. 

And worse, her nephews did not even have the money to pay for the airline stocks. They borrowed the money that they used to pay the GSIS from three Philippine government-owned banks, even using the PAL stocks as collateral. ‘Philippine Air Lines Building Scandal’ “The PAL Scandal,” where Cory authorized in 1992 the sale of the PAL Building in San Francisco, California. It resulted, according to the column of the late journalist Louie Beltran, into a USD 6-million loss to the national airline. 
Cory did not charge Mr. Beltran with libel on this issue about the PAL Building. She, however, did file a libel case against Mr. Beltran and his publisher, Maximo V. Soliven on a separate issue, when Beltran wrote that Mrs. Aquino “hid under her bed during a coup d’etat attempt at the presidential palace in Manila.” ‘Bargain Sale of Companies to Lopa’ The assets of the Marcoses, the Romualdezes and their cronies were supposed to have been sequestered by the new Aquino administration, but Kokoy Romualdez’s (Ferdinand Marcos Sr.’s brother in law) 38 companies, which were worth billions of pesos, were not turned over to the Presidential Commission on Good Government. Cory instead during her first months in office, permitted the transfer of these 38 companies to her own brother-in-law, Ricardo “Baby” Lopa. What’s worst, was the fact that all 38 companies were bought back by Lopa during the transfer for the price of only USD 227,000. ‘Philippine Long Distance Company to Nephews’ The same case happened with the ownership of the Philippine Long Distance Company. Instead of sequestering the company for the Philippine government (as it was then controlled by the Marcos cronies), she returned the billion-dollar company to her Cojuangco nephews. She claimed that her nephews were illegally eased out by Mr. Marcos. The truth was that the Marcos cronies, whether their money were ill-gotten or not, paid the Cojuangcos the prevailing market-stock prices during the sale of equity that happened between them at the time when Marcos was still president. ‘Re-negotiation of Marcos’ Japanese Loans’ Cory approved the re-negotiation of the loans that Ferdinand Marcos Jr. obtained from Japan. The administration of Mrs. Aquino agreed that the loans would be paid in Japanese yen, rather than in U.S. currency that former Marcos negotiated. This simple change in currency resulted in a USD 5-billion increase in the loan principal. ‘Refusal to Give Hacienda Luisita to Farmers’ Cory publicly promised in 1986 that Hacienda Luisita will be distributed to the farmers. However, in 1987, she issued Presidential Proclamation 131 and Executive Order No. 229 just days before her legislative powers were going to revert back to Congress, to include a provision in the Land Reform program for a “Stock Distribution Option”, which allows landowners to comply with the Land Reform Law without actually giving land to the farmers. Hacienda Luisita of course took this new option, and thus was not redistributed to the farmers. ‘Double Cross of Doy Laurel’ Cory had promised to Doy Laurel that she would let him run the government as Prime Minister after Marcos was ousted, as Cory had no experience in politics. However, in March 1986 she issued Presidential Proclamation No. 3 declaring a revolutionary government, and dissolving the 1973 Constitution. This nullified Laurel’s position as Prime Minister as the Parliament was abolished. This prompted Laurel to break ties with the Aquino regime later. ‘Protecting Hacienda Luisita’s Interests’ Cory continued to protect Hacienda Luisita, even firing Miriam Defensor Santiago from her post at the Department of Agrarian Reform after she told the press her opinion that Cory should inhibit herself as chair of the Presidential Agrarian Reform Council (PARC), which was tasked to make the final decision on Hacienda Luisita’s application for the “Stock Distribution Option” (see section on ‘Refusal to Give Hacienda Luisita to Farmers’ above). ‘Garchitorena Land Scam’ In 1988, a foreclosed property of the United Coconut Planters Bank (UCPB) was sold to Sharp International Marketing for P3.8 million. Before the sale was closed, Sharp tried to sell the same property to the government for P56 million. The sale was eventually approved by the Department of Agrarian Reform (DAR), but only after the price was inflated further to P65 million. The financier of the scam was Romeo Santos, an associate of Cory’s brother, Peping Cojuangco. He was also Cory’s campaign manager in Bicol.     

  “Not Getting Mad at, But Getting Even With, Tita Cory” by Bobby Reyes, http://www.mabuhayradio.com/sections/philippine-presidency/455-not-getting-mad-at-but-getting-even-with-tita-cory.html - “The Philippines Cory, Coups and Corruption” by John Greenwald, Jay Branegan and Nelly Sindayen, http://www.time.com/time/magazine/article/0,9171,969186,00.html - “Hacienda Luisita’s past haunts Noynoy’s future” by Stephanie Dychiu, http://www.gmanews.tv/story/181877/hacienda-luisitas-past-haunts-noynoys-future - “Cory’s land reform legacy to test Noynoy’s political will” by Stephanie Dychiu, http://www.gmanews.tv/story/182195/corys-land-reform-legacy-to-test-noynoys-political-will - “The Garchitorena land scam” by Stephanie Dychiu, http://www.gmanews.tv/story/182211/the-garchitorena-land-scam ARTICLE OWNED BY: http://rhk111sblogspot.wordpress.com/2010/04/12/scandals-during-the-cory-administration/ -Charles (master admin II) — with Bremstralung Dv and 5 others.
 

DAANG PUWET

         DAANG MATUWID BA KAMO ???

PEOPLE POWER

NINANAKAW NA NI PNOY ANG PERA NATIN SA DAP, PDAF, PSF, PAGCOR, SSS, MWSS AND MALAMPAYA . . . . . .

AT TUMATAHIMIK PA KAYO DIYAN?

DI BA DAPAT PEOPLE POWER NA???

FAMILY OF TRAITORS

 MRT EXTORTIONISTS AND MEDIA WHORES

  

BALLSY AQUINO THE EXTORTIONIST

FROM GRANDFATHER TO GRANDSON, TRAITOR!

LET US PUT THEM ON THE FIRING SQUAD AT LUNETA PARK!

REMOVE AQUINO FROM POWER!!!

AQUINO HAS CORRUPT RELATIVES AND FRIENDS! BOTH THE AQUINOS AND  COJUANGCOS ARE IMPERSONATING AS DECENT CITIZENS OF THIS COUNTRY PERO MGA KAWATAN DIAY!!!

PAGBABARILIN NIYO NA KASI SILA

DAR slammed for Luisita audit process maneuvering

• Written by  Charlie V. Manalo
• Sunday, 12 May 2013 00:00

Activist party-list group Anakpawis yesterday slammed the grave abuse of power by the Department of Agrarian Reform (DAR) to dictate the ongoing process to audit Hacienda Luisita Inc. (HLI).
The group said the DAR is continuously pushing the two audit firms that have previous link to the Cojuangco’s HLI to participate in its de facto bidding procedure.

In a statement, Anakpawis party-list vice chairman Fernando Hicap said the DAR is extending its “power trip” up to the point that it is meddling on the ongoing process to choose an independent audit firm to look into HLI records.
Such records supposedly pertain to the P1.33 billion HLI owes to farm worker beneficiaries for the selling of more than 500 hectares of land parcel to Rizal Commercial Banking Corporation (RCBC) and North Luzon Expressway (Nlex) management.
“Despite the resounding and majority decision of parties involved in the auditing process namely the Alyansa ng mga Manggagawang Bukid sa loob ng Asyenda Luisita, 1989 Original Farmer Beneficiaries, Farmers for Agrarian Reform Movement, Inc., Luisita Supervisory Union of Hacienda Luisita Inc., the United Luisita Workers Union, and by Mr. Noel Mallari to get the Ocampo, Mendoza, Leung, Lim and Co. service to look into HLI’s records.
DAR quickly rejected the groups’ position and maintained that the Reyes-Tacandong and Co and the KPMG with a local counterpart Manabat Sanagustin and Co. — two firms that previously audited HLI — can apply for the job” Hicap said.

Anakpawis said the move by the DAR to bypass the decision of the majority of the stakeholders is beyond its mandate and runs counter with the farm workers interest.
“It is not only DAR delaying the process but its also making the beneficiaries powerless. The DAR once again shows its brazen arrogance and contempt over their clients’ prerogative. It is an abuse of their mandate,” the group said.
But the activist party-list group expressed optimism the auditing process will be convincing and acceptable to involved parties if DAR should end its politicking and keep HLI out of the picture.
“Clearly, the Cojuangco-led HLI dictates the phase of the audit process. DAR was merely their instrument to legitimize its part on the auditing despite it is the one subjected for financial scrutiny. Just like their maneuvers on the distribution process. This is their gameplan to deliberately mislead the process to prolong the audit because the president and his relatives have no plans to open HLI books of records unless it is done by no other than their trusted cohorts inside the Reyes-Tacandong and KPMG to absolve them on paying the P1.33 billion they owed to the farm worker beneficiaries. HLI and its audit firm cohorts should be banned from the process,” Hicap said. 

Meanwhile, braving the 37-degree summer heat, more than 200 Hacienda Luisita farmers and supporters started their caravan to Manila this morning, according to militant Web site bulatlat.com.
Dubbed as “Lakbayan para sa Libreng Pamamahagi ng Lupa sa Hacienda Luisita,” the activity marks the first year of the Supreme Court decision ordering the distribution of some 6,000-hectare sugar plantation controlled by the family of President Aquino.
Led by the Kilusang Magbubukid ng Pilipinas (KMP), Unyon ng mga Manggagawa sa Agrikultura UMA, Alyansa ng mga Manggagawang Bukid sa Asyenda Luisita (Ambala) and the United Luisita Workers Union (ULWU), the farmers started their march from Hacienda Luisita in Tarlac province.
As of yesterday afternoon, the marchers have reached San Nicolas Church in Capas, Tarlac.
They were expected to arrive and spend the night in Angeles City in Pampanga.
“It has been a year since the Supreme Court decided to distribute the Hacienda and we are back on the streets to continue our fight for the free distribution of lands,” ULWU chairman Lito Bais said in a statement.

“We cannot trust the DAR to distribute the lands as it is clearly an instrument of the Cojuangco-Aquinos to perpetuate their control over our lands,” Bais said.
In the same vein, Anakpawis Rep. Rafael Mariano said, “There is no truth to the Department of Agrarian Reform’s claim that the distribution of Hacienda Luisita is on track. Twelve months after the SC decision, farmworker-beneficiaries are still waiting in vain to own the lands that they have tilled for decades.”
The DAR is mandated to implement the high court decision, released in February, the final list of beneficiaries.
A week after, Agrarian Reform Sec.Virgilio delos Reyes said farm workers will not get any land if they will not sign a written commitment to pay for the land and to make it productive.
“As long as Aquino controls the DAR and the sham Comprehensive Agrarian Reform Program remains, the farm workers should be ready for another protracted battle to reclaim Hacienda Luisita from the Cojuangcos,” KMP deputy sec. gen. Willy Marbella said.
The famers also challenged senatorial candidates to replace the Comprehensive Agrarian Reform Program (CARP) with “a new and genuine agrarian reform law to realize the free distribution of Hacienda Luisita.”

“The bogus CARP is the biggest stumbling block to Hacienda Luisita’s distribution,” Marbella said.
He maintained that “the CARP was crafted by the Cojuangcos” to evade the distribution of the sugar plantation to its farm workers.
In 1989, during the administration of the late president Corazon Aquino, the Cojuangcos made use of the stock distribution option scheme of the CARP to evade actual land distribution.”
“Today, the Cojuangcos are making use of the provisions of the CARP to deny the farm workers of their hard-earned legal victory,” Marbella said.

BULKANG ABNORMAL

Pati pagputok ng bulkan isinisi sa local officials!

Pnoy magpapatawag raw ng imbestigasyon!

Ano ba namang klaseng ka-ABNOYAN ito!

 

Oh my golly! napaka GAGO na talaga ng ABNOY na ito!

 Mokong na, Bengatibong Gago pa.

ANOTHER ELITE PIG

 

DO NOT VOTE FOR THIS INEXPERIENCED PIG. DO NOT VOTE FOR THIS OLIGARCH.

THIS GUY WILL DO NOTHING BUT TO PROTECT THE AQUINO AND THE COJUANGCO BUSINESS INTEREST. DANDING AQUINO IS SAID TO BANKROLL HIS POLITICAL CAMPAIGN.

GUSTO NA NI PNOY I-ABOLISH AT I-PRIVATIZE ANG MGA CRITICAL GOVERNMENT AGENCIES LIKE THE NFA

Proposed NFA abolition hit

By Anna Leah G. Estrada | Posted on Mar. 02, 2013 at 12:02am | 959 views

The Agriculture Department warned Friday that abolishing the National Food Authority will tantamount to a “political suicide” and displace 3 million Filipino palay farmers.
“The NFA plays a very important role. We are working so hard to achieve the country’s rice self-sufficiency status, and yet other government agencies are trying to ruin it,” said Assistant Secretary and Philippine Rice Program Coordinator Dante Delima.
“If the National Economic and Development Authority and the Department of Budget and Management don’t want to support the food staples and sufficiency program, the DA will still pursue it,” he added.
Delima said other government agencies are proposing the abolition of the NFA and the elimination of the quantitative restrictions on rice imports. The quantitative restrictions allows the government to limit the volume of imported rice to prevent a possible drop in rice prices.
“They want to abolish NFA. They also want to stop the local palay procurement. What we are asking is a temporary QR to enable us to prepare our farmers for the entry of imported rice at a cheaper price. What will happen to our 3 million palay farmers if that will push through?” asked Delima.
NFA earlier said palay production would reach over 20 million metric tons in 2013 and that it would buy 650,000 metric tons of rice, or just 3 percent of the total local output.
Delima said Agriculture wanted to increase the local palay procurement to 10 percent to further help the country’s farmers.
“Abolishing the NFA and QR is a political suicide for me. Note that only one million people went to Edsa if you remember, and we are talking about 3 million palay farmers here. What will they do if these farmers complain?” Delima asked.

Delima said President Benigno Aquino had been supportive of the food sufficiency program but other government officials were clearly not. He said abolishing the NFA would  imperil the country’s goal of attaining rice self-sufficiency.
“They are putting too much pressure on us during deliberations. They said that maintenance of NFA is very high. They said that we have to stop the QR. If we stop the QR, we will no longer have control of what will enter the country. We all want to have cheaper prices of commodities but we also have our social responsibilities,” Delima said.
The official said abolishing the NFA would worsen the country’s unemployment rate, noting that there were three farmers for every 10 Filipino workers.

INEPT, INCOMPETENT AND ABUSIVE MONKEY

MUKHA TALAGANG BULDIT ANG TAONG ITO. SABI NILA PARATING NATATAKASAN NG MGA FUGITIVE DAHIL SA KABOBOHAN.

Only one body should investigate Korean’s escape, says De Lima

By Tetch Torres-Tupas
INQUIRER.net

2:20 pm | Tuesday, April 2nd, 2013

Justice Secretary Leila De Lima. INQUIRER FILE PHOTO

MANILA, Philippines—Justice Secretary Leila De Lima ordered the Bureau of Immigration to stop its investigation into the escape of a wanted Korean national, saying only one body should conduct the probe.
“I will be issuing a memorandum to the Bureau of Immigration to discontinue with its internal investigation so that there will be no conflict, no confusion and no overlapping,” De Lima told reporters Tuesday.
De Lima said she has formed an investigating body to find out how Park Sung Jun managed to slip out of the country last March 18.
The body is composed of Senior Assistant State Prosecutor Aileen Marie Gutierrez, as head,  Investigation Agent III Jonathan Mengullo of the National Bureau of Investigation Anti-Graft Division, and Investigation Agent V Don Hernandez of the NBI’s Cybercrime Division, she said.
Park Sung Jun, who is wanted for an investment scam in South Korea,  sneaked out of the country last March 18.
Immigration spokesperson Antonette Mangrobang said the Korean had been the subject of a manhunt by immigration operatives but managed to elude arrest.
De Lima said she also wanted the Bureau of Immigration, particularly its Intelligence Division, to turn over to the Department of Justice all records and information it has gathered during its investigation.

NOYNOY, IT'S TIME TO REMOVE RICKY DAVID SINCE THE ESCAPE OF THE REYESES AND 3 KOREAN FUGITIVES WAS HIS COMMAND RESPONSIBILITY!

ISALI NIYO NA RIN ANG PAGPAPATANGGAL NG KANYANG KABIT NA SIYANG NAGPAPATAKBO NG OPISINA NG IMMIGRATION, TO THE DISGRACE OF LEGITIMATE CESO DIVISION CHIEFS.

KABIT NI DAVID ITONG SI ANTONIA MANGROBANG!

Pansinin mo ang NGUSO!

PANSININ MO NGA ANG NGUSO NITONG SI HONTIVEROS. ITO ANG NGUSO NG ISANG TAONG HIPOKRITO, SULSULERO AT MANGGAGAMIT. 

BUTI PA SI NANCY BINAY. SIMPLE LANG ANG MUKHA.

STILL A TRAITOR

ABNOY AQUINO IS A TRAITOR TO HIS COUNTRY. WE ARE HOPING THAT HE WILL BE IMPEACHED, ASSASSINATED OR BE REMOVED FROM POWER BY NATIONAL CIVIL DISOBEDIENCE!

A Travesty

A travesty

• Written by  Ninez Cacho-Olivares

Noynoy had the face to claim that “they have done all they could” to protect the lives of the fighters of the sultanate, even when, for some three weeks running, he again transformed himself into the invisible, inept President of the Republic, and did nothing but have his spokesmen and his Interior Secretary Mar Roxas issue threats and more threats against Sultan Kiram and his men in Sabah.
And all Noynoy did to “protect” the lives of the Filipinos in Sabah was to keep on mouthing what Malaysia mouths, which aim is to massacre the Filipino Muslims who are fighting not just for their sultan’s rightful land, but also to get back that land for the Philippine Republic.
Three weeks after the occurrence, Noynoy finally faces the media, then says he has done all he could, when he did nothing in the first few days that stretched into weeks.
What was his ambassador to Malaysia doing at that time, that Noynoy had to get his information and direction from Malaysia?
Why did he not send his Foreign Affairs secretary, Albert del Rosario, weeks ago, to talk to the Malaysian authorities about the problem? Why, after so many Filipino fighters have died, and are reportedly being attacked with bombs by the Malaysian forces, did Del Rosario finally leave to engage in talks with Malaysia and seek permission for their ships to come to the aid of the Filipinos?
Why, if Noynoy and his Interior secretary claim that they did all they could to protect the lives of Filipinos did they constantly threaten the sultan and his fighters with arrest and criminal charges, when they return?
Here is Noynoy telling the fighters to return to the Philippines, saying that theirs is a lost cause, which is no different from saying that the Sabah claim is useless, as the Malaysians are in control in Sabah. Then he threatens them with crime that was committed in the Philippines.
And worse, Noynoy even has the gall to now say that he smells a conspiracy in the Sabah firefighting, claiming there is basis for saying this, as intelligence reports point to this.
That’s a laugh, considering that his intelligence network did not even smell some 200 Sulu fighters going off to Sabah to stake the sultanate and the Philippines’ claim to ownership of Sabah. Hell, Noynoy and his intelligence network didn’t even know just how many fighters were there. And he speaks of intelligence reports pointing to a conspiracy, and obviously pointing to the conspirators as those from the previous administration — with an additional claim that this has something to do to break up the peace talks with the Moro Islamic Liberation Front.
Then Noynoy admits that he cannot come up with a conclusion on the conspiracy, as he has no evidence.
If there is no evidence of a conspiracy or the identities of the alleged conspirators, why then does he speak of conspiracies?
Still, that is always the way of inept presidency and a weakling, always refusing to take the blame for the disaster and crises that come their way and hiding himself for weeks when a crisis erupts.
The fact that Noynoy and his boys did nothing about several letters coming from Sultan Kiram III shows that from the start, the intent was never to include the sultan in the peace talks, which is why everything is being granted to the MILF.
This is also the reason Malaysia is the facilitator in the peace talks, and why Kiram is out of the peace talks, because Malaysia was aware of the sultan’s ancestral claim of Sabah and wanted the Sultan out of the talks.
Malaysia is there to protect Malaysian interests, not the Philippines. The MILF also bows to Malaysia and will not have the sultan participating in these peace talks.
Now Noynoy and his aides blame Kiram for placing the peace talks in danger, with Noynoy aides claiming that the Sabah incident may even make Noynoy lose his chance at being nominated for the Nobel Peace Prize.
For Pete’s sake. He feeds Filipinos to the Malaysian wolves and does not care if they get killed by Malaysian forces, and he wants to be known as a man of peace?
A man who sold out a part of the Republic to the Malaysians and now sells out more of Mindanao to the MILF? A leader who didn’t care a whit about the lives of the Filipinos fighting for the Republic’s claim, because he was too much of a weakling and gets his orders from Malaysia?
What a travesty.

Before and After

 

before retirement

after retirement

BULOK TALAGA

Do you know the reason why Manny Pangilinan, the progressive business tycoon of the Philippines, almost called it quits from this country a year ago???

It's not only because of the GREEDY ATENEO ANTI-MINING-PRO MONEY JESUITS. 

 It's because of the FUCKING SYSTEM created by OUR GREEDY AND IDIOT PRESIDENT, WHO BY THE WAY IS A PRODUCT OF THAT JESUIT MONEY-MAKING SCHOOL!

Two years ago, Manny Pangilinan won in a government bidding for the building, operation and transfer of the MRT System. However, sa inggit ng mga "Makati Boys" ni Pnoy, they pressured Noy's government to declare an anomaly in the bidding process, thereby declaring a failure of BIDDING. 

What happened?

Manny Pangilinan offerred the best deal during the time (advantageous to the government), but ginulo nila ang processo para makapasok mga KAIBIGAN ni Pnoy.

Siyempre gusto ng mga "elite friends" ni Pnoy na sila makakuha ng project na ito. Eh di ano pa kundi basahin niyo nalang ang nasa ibaba:

Finance clears MRT 7 deal with San Miguel

By Lailany P. Gomez | Posted on Jan. 30, 2013 at 12:02am | 336 views

The Finance Department endorsed the revised contract between the government and San Miguel Corp. for the long-delayed Metro Rail Transit Line 7 project.

Transportation Undersecretary Jose Perpetuo Lotilla told reporters the Finance Department cleared the improved concession contract submitted by the proponent.

“The DoF has approved the project’s implementation. So, hoping they [the government and the proponent] signed the contract, the DoF will then issue a performance undertaking and it’s a go,” Lotilla told reporters at the sidelines of the Tribuna España-Filipinas forum.

He said the implementing guidelines of the project were also approved.

“After that, it will go to [National Economic and Development Authority-ICC] and goes back to the DoF for issuance of performance undertaking,” Lotilla said.

The Finance Department in July last year asked San Miguel to seek the approval of the Neda again, after the company failed to have financial closure for the project within the target date of December 2010.

San Miguel and partner Universal LRT Corp. were scheduled to begin construction of MRT 7 in 2010, but failed to mobilize funds for the start of the construction.

San Miguel acquired the right to construct and operate the 22-kilometer rail project from North Ave. in Quezon City to San Jose del Monte City in Bulacan, after it executed a deal to buy 51 percent of Universal LRT, the original proponent.

The diversified conglomerate, however, failed to secure a financial closure for the project, or the guarantee from equity holders or debt financier to provide or mobilize funding, within schedule.

Universal LRT earlier said $320 million of the project’s cost would be financed by equity and the remaining $900 million to $1 billion by borrowings.

San Miguel, in a bid to gain more supporters, signed an agreement with Marubeni Corp. of Japan and DM Consunji Inc. in 2012 to build the rail project. San Miguel also obtained a 25-year concession.

The project involves the construction of a 22-kilometer train line with 14 stations from the corner of North Avenue and Epifanio de los Santos Avenue in Quezon City to San Jose del Monte City in Bulacan.

It will be linked with the MRT Line 3 and the Light Rail Transit Line 1 through a common station in North Avenue.

San Miguel will also build a 22-kilometer, six-lane highway to Bulacan.

It earlier awarded the contract for the engineering, procurement, construction and commissioning of the MRT-7 project to the Marubeni-DMCI consortium.

The mass transit project is envisioned to carry two million passengers in Metro Manila and Bulacan.  It will traverse the stretch of Commonwealth Ave., known as the widest road in the country.

The project also involves the development of commercial establishments in San Jose del Monte City.

Study hard always, Danding