Today, all roads lead towards the Philippine Senate at the reclaimed area along Manila Bay, in the vicinity of Pasay City. For other Filipinos who may not be able to physically be there, to participate in a first-ever in the Philippines – the Impeachment Trial of an incumbent President of the Republic – all eyes will be glued to television sets, and all ears tuned to radio stations, that will provide a live coverage of the historic event.
What happens today, and during the next few days, at the Philippine Senate, might well decide what course our country will take in the near and far future. But what historians will find noteworthy is that the future of our country will be decided not only inside the Senate building but also outside the halls of the venue of the Impeachment Trial. And the major participants will not only be Presiding Officer and Chief Justice Hilario Davide Jr. and the 22 senators-judges but also the entire Filipino people.
There are strange phenomena in the raging events involving the Impeachment Trial. For one, it is not only President Estrada who is on trial; even the 22 senators-judges are being tried in the Court of Public Opinion. For another, the decision of the senators-judges will have to consider both the evidence presented in the Impeachment Trial but the confluence of events outside the halls of the Senate. The refusal or failure of the senators-judges to look at the howling events outside the Impeachment Court might well determine whether they will be damned by history or win a rightful place in the hearts of the people.
It is sad that the Impeachment Trial has diverted so much attention and energy away from what should have been productive ventures in our quest for economic progress. It is sad, too, that the Yuletide season has been virtually forgotten or shunted aside, because of the Impeachment Trial. But we should be consoled by the realization that the ordeal we are now going through will merely be a temporary, fleeting bitter moment in our nation’s life. That sooner or later, the sun will shine brightly again, after the typhoon winds whipped up by human frailties will subside and die down.
Luis Virata, a youthful top executive and son of the late banker Leo Virata, had a vision to transform his province, Cavite, into a first-class destination, primed to take advantage of the economic development that was moving southward from Metro Manila. Now, he is in the news, because of his involvement with the Manila-Cavite-Coastal Road project. It may interest readers to know how Virata got involved with this project.
Luis Virata’s mission to help in the development of Cavite province began as far back as 1989 when he was asked to join the Cavite Council, along with his cousin, former Prime Minister Cesar E.A. Virata. Even during those times, travel to and from Cavite was a dangerous and gruelling hassle, with Cavite folks needing to travel some two or three hours in accident-prone roads, just to reach their Metro Manila jobs on time. In 1990, through the prodding of the Cavite Council, the Philippine government officially declared the Manila-Cavite Road project as one of its priority concerns.
In 1992, the entry of Danilo Feliciano, a New York investment banker, enabled Luis Virata to put up Exchange Capital Corporation, to delve into the world of corporate finance and capital-raising. Virata decided to use his very line of business towards the fulfillment of his long-held dream for Cavite province.
Virata and Feliciano approached a number of international companies, including Clougn, an Australian firm, and Bechtel, a US entity, to help pursue the development of the project. Only in 1993, during a visit of Prime Minister Mohammed Mahathir of Malaysia, did the duo manage to gain interest for the project. And then, in 1995, Majlis Amanah Rakyat (MARA) and Renong Berhad of Malaysia, through the Philippine-incorporated UEM-MARA, reached an agreement with the Philippine government. For Virata, this was the culmination of many years of hard work, a testament of his commitment to a higher cause.
In 1996, UEM-MARA started building the first phase of the project, the rehabilitation of the existing RI-Expressway, commonly referred to as the Coastal Road. In 1998, this was certified as substantially complete and ready for operation. Soon thereafter, with the Asian crisis that ensued, UEM-MARA’s parent company in Malaysia suffered from dangerously low working capital levels.
Fearing that UEM-MARA’s difficulties might compromise the company’s ability to complete the road, Virata again entered the picture. This time, however, he put his money where his mouth was. With this personal resources, he paid P950 million in cash for 100 percent of UEM-MARA, under the ownership of Coastal Road Corporation (CRC).
Since taking over control of UEM-MARA, CRC has focused on developing the other phases of the project, such as the C-5 link and the R1-Expressway Extension. CRC hired internationally-renowned consultants towards attaining this end. Specifically, it hired Maunsell International as design and engineering consultant, Halcrow Fox as traffic consultant, and Geogenics, a highly-experienced local group, as project management consultant. CRC also held discussions with global infrastructure development companies regarding possible investments in CRC.
Despite CRC’s best efforts, several issues outside of its control affected its development-strategy and timetable. For example, due to problems regarding right-of-way acquisition, development priority was shifted from C-5 Link to R1-Expressway Extension. Further, due to the non-availability of materials for the originally-planned reclamation portion of the project, Maunsell was tasked to review the original road design.
There are all indications that CRC is committed to the Manila-Cavite Coastal Road project. To facilitate right-of-way acquisition efforts, it is working with the Philippine government to secure the needed financing. Also, it has expressed a willingness to proceed with certain parts of the project, even if sufficient right-of-way is not made available in time. In other words, this indicates CRC’s willingness to assume additional risks, just to get the project started.
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<jwalker@tri-isys.com>