Globe invests P300 M in 1-fare collection system

MANILA, Philippines - Globe Telecom Inc. has infused P300 million in the soon to be launched single ticketing system for the Metro Rail Transit and Light Rail Transit (MRT-LRT) systems.

In a report submitted to the Philippine Stock Exchange (PSE), Globe said it has infused P300 million to the P1.72-billion automated fare collection system (AFCS) via the AF Consortium where it has a 20- percent interest.

 “As of Sept. 30, 2014, Globe has invested a total of P300 million in the consortium with 20-percent equivalent equity interest,” Globe said.

Likewise, it reported that it recorded P6.84-million accumulated share in net losses from this investment in the first nine months of the year.

The Department of Transportation and Communications (DOTC) awarded the public private partnership (PPP) project to the AF Consortium last Jan. 30 after it emerged as the highest bidder.

Aside from Globe, other members of the consortium are AC Infrastructure Holdings Corp., BPI Card Finance Corp., Meralco Financial Services Inc., infrastructure giant Metro Pacific Investments Corp. (MPIC), and Smart Communications Inc.