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SMPHI Press Statement

"SM Prime Holdings, Inc. (SMPHI) filed a case for specific performance with prayer for injunction today against the DOTC and LRTA to protect its legal rights and interests under its Memorandum of Agreement with LRTA dated September 28, 2009 (the MOA).
 
"Pursuant to the MOA, LRTA agreed to  (a) interconnect the LRT1-MRT3-MRT7 Common Station (the Station) proposed to be built in front of SM City North EDSA (the Mall)  to the pertinent level of the Mall and (b) name the Station after the Mall, in exchange for a grant of PhP200M from SMPHI.
 
"The proposed Common Station in front of SM North EDSA (the Project) was duly approved by the NEDA-ICC as a priority infrastructure project in  2007. It was formally confirmed by the NEDA Board and the Cabinet on July 7, 2009.
 
"Notably, the Project was partially implemented with the completion of bore piling activities in front of SM North EDSA in 2010. Since then, SMPHI participated in numerous technical planning sessions with LRTA until the Project was unceremoniously and inexplicably put on hold.
 
"In 2013,  DOTC officials announced to media the  possible relocation of the Station to Trinoma.  However, despite repeated queries and follow ups from SMPHI, DOTC constantly failed to confirm the supposed relocation of the Station.
 
"Then, suddenly, in complete breach and disregard of the terms of the MOA, and without any official notice to SMPHI despite  the latter's repeated formal inquiries, the DOTC unilaterally relocated the Station to Trinoma and made the same a mere component of the recently bidded out LRT Line 1 Cavite Extension Project.
 
"SMPHI now seeks to enjoin the DOTC and LRTA from proceeding with the above plans, and instead, honor its legal obligations under the MOA"
Date: 
Wednesday, June 4, 2014