DESPITE an earlier announcement to the contrary, San Miguel Corp. (SMC) confirmed this week that it was still pursuing the Pasig River Expressway (Parex). SMC President and Chief Executive Officer (CEO) Ramon Ang announced that Parex had only been placed "on hold" and that the project was being revised in order to address the many concerns of stakeholders.
At the same time, the Toll Regulatory Board (TRB) told the media that the project was still "active" in its books and that the agency was waiting for SMC to formally withdraw from or terminate the project. When asked why the TRB had not canceled the project after SMC's earlier announcement, it responded that there might be legal and financial consequences if the project was closed without SMC consent.
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