EastWest to buy into consortium vying for LRT, MRT ticketing system

Gotiantun-led East West Banking Corporation (EastWest) on Friday said its board of directors approved an equity  investment of up to 20 percent in a consortium pre-qualified to bid for the unified ticketing system in Metro Manila's rail transits. 

 

“The BOD (board of directors) granted authority to EastWest to invest up to the maximum limit of 20 percent of the capital stock of E-trans Solutions Joint Venture Inc. (“E-trans”),” the bank said in a disclosure to the Philippine Stock Exchange. 

 

“The BOD also authorized EastWest to subscribe to such number of shares and to make an initial payment of P1,500,000.00,” it added. 

 

EastWest noted the plan is subject to Bangko Sentral ng Pilipinas approval and the subscription will be no more than a tenth of the bank's total assets. 

 

E-trans pre-qualified to bid for the Automated Fare Collection System (AFCS) project of the Department of Transportation and Communications and the Light Rail Transit Authority. 

 

It is a joint venture of TERA Investment Inc., Sagesoft Solutions Incorporated, Pilipinas Micro-Matrix Technology Inc., Pulsar Avancer Technologie, Inc., and EastWest.

 

Rolled-out last Dec. 16, the AFCS involves a 10-year contract to “finance, design, construct, operate, and maintain a contactless automatic fare collection system” for Light Rail Transit Lines 1 and 2 and Metro Rail Transit Line 3, according to a project brief on the PPP Center website. — Siegfrid Alegado/VS, GMA News