Makati Subway gets SEC incorporation nod

The infrastructure firm set to build the e P200-billion Makati subway system is now a legal corporate entity after the Securities and Exchange Commission (SEC) issued a certificate of incorporation for the company.

In regulatory filing submitted by parent Philippine Infradev Holdings Inc. on Wednesday, the company said it has received the certificate of incorporation from the SEC of the Makati City Subway Inc.

"The Makati City Subway Inc. shall be the corporate vehicle that will be used by the company for the Makati Subway project," it said.

It is a 100-percent owned subsidiary of Philippine Infradev Holdings.

The new company has an authorized capital stock of P16 billion, of which P4 billion has been subscribed with P1 billion as paid-up capital.

In December 2018, Philippine Infradev Holdings broke ground for the MaKati Subway project.

The transport system will have 10 underground stations located at key destinations in the busy city such as the Ayala Triangle, Makati City Hall, and University of Makati.

There are also plans of integrating the Makati subway to MRT 3, Pasig River Ferry System, and the proposed Metro Manila Mega Subway. The target completion date for the project is 2025.

The project is seen to significantly ease the traffic congestion in Makati by providing alternative transport services for up to 700,000 commuters and to reduce the number of vehicles plying in Makati roads by 270,000. —Ted Cordero/LBG, GMA News