Tags: lrt privatization

Unknown to many, Filipinos taxpayers and their families are made to carry the burden of paying for various deal sweeteners included in the LRT1 concession agreement. This includes a P5-billion project startup subsidy, P105 billion in tax exemptions, revenue shortfall subsidies, and assured fare increases of up to 10.25% every two years and 5% upon completion of the LRT1 extension. These are on top of a sovereign guarantee amounting to P7,519,428,667 to be paid next year in penalties and fees. All these will be drawn out from the pockets of Ruby and us, the taxpayers and commuters – a clear mass robbery in broad daylight.