Mindanao Railways Corporation Bill Filed
Cagayan de Oro City 2nd district Rep. Rufus Rodriguez and his younger brother Abante Mindanao partylist Rep. Maximo Rodriguez Jr. filed House Bill 3055 that would create the Mindanao Railways Corporation. This will be the governments arm in providing a railroad and transportation system for the entire region.
The MRC will shall operate/own railroads, tramways, and other kinds of land transportation, vessels and pipelines, for the purpose of transporting for consideration, passengers, mails and property between any point in Mindanao.
Both Mindanaoan lawmakers believe that the railroad system would shorten the distance between Davao and Cagayan de Oro or Zamboanga and Cagayan de Oro. Further cited how the railroad networks have been credited for speeding up national development in progressive countries like Japan, Canada, the United States, and most of Europe part.
MRC shall have an authorized capital of P1 billion for its initial operation divided into P10 million shares at par value share of P100, which shall be fully subscribed by the government. The bill added that MRC will be exempted from paying taxes.