MRT buyout, is it a deceiving act of the Government?

Howdy pals, it’s Tuesday and a lot of good and bad news are circulating all over places. And with that said, remember the article that I posted sometime two months ago (click here) about the MRT acquisition by the government?

Upon, reading the news that spreading all over the online portals, broadsheets and newspapers, it seems like that the government is just giving false announcement to the public.

 “We are buying everything out – the bonds, the remaining equity interest in private hands. The objective is for the government to own 100%,” as Department of Transportation and Communications (DOTC) Secretary Joseph Emilio Abaya told reporters on Thursday, October 16. 

MRT Buyout is just a pretentious move but the reality is that they are just buying 27 billion worth of shares that they already own but paying for 54 billion for it. Wow! The amount to be paid for it has been doubled. Hmmm… I smell something fishy here. But still, I give them the benefit of the doubt. 

In line with that, Abaya also said that the agency made several calculations on the timeline of the buyout on which the supposedly buyout will be completed at the end of 2013 but it did not push thru. Plus, paying their APT Global $1.4M per month is allegedly for the spare parts but not actually providing the spare parts, as admitted by APT Global, DOTC Maintenance Provider.

Now the question is, what does the government trying to portray for giving misleading information to the general public. As a taxpayer, myself, wanted to know what’s really happening on the money deducted, as stated by the law as tax, on my payroll every cut-off (twice a month). Is this the type of the government where my hard-earned money goes to? Well, if not, hope they will come out with a correct statement and perhaps public apology as well.

You can also watch the video below for more details.