The arbitration court noted that the TRB already decided on the 2012 and 2014 petitions when it issued a resolution in 2018 approving an upward adjustment in the toll rates of NLEX.

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NLEX sought the arbitration court’s help due to the TRB’s nation in approving the rate adjustments.

The total amount of compensation for NLEX amounted to P17.1 billion as of end-June. The amount covers the 2012, 2014 and 2016 toll rate petitions.

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The tribunal also ruled that each party would shoulder the costs of arbitration in equal shares and bear their own costs of legal representation and assistance.

Metro Pacific Investments Corp., parent of Metro Pacific Tollways Corp., said the rejection of the claim is without prejudice to further review by the TRB of the petitions.

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In the case of CAVITEX, the tribunal dismissed the case considering that the claimants (CAVITEX and its partner Philippine Reclamation Authority) had earlier withdrawn both their claims for compensation arising from non-approval of their petitions for rate adjustment filed in 2011 and 2014.

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The compensation claims of Cavitex stood at P3.6 billon as of June 30.

The post NLEX loses P20B claim for damages first appeared on Bilyonaryo Business News.



NLEX loses P20B claim for damages
Source: Filipino Daily Inquirer