The joint venture deal covering the P200-billion Makati subway system has been given the thumbs up by the city council.
In a regulatory filing submitted by Philippine Infradev Holdings Inc. on Monday, the company said it received on July 19 a copy of the letter from the Makati City government that the ordinance approving the terms and conditions of the joint venture agreement has been approved by the City Council of Makati.
The deal covers the construction, operation, and management of a subway system within Makati City.
In October 2018, the city government awarded the public-private partnership project to the consortium of Philippine Infradev (formerly IRC Properties), to be implemented via a joint venture agreement.
The consortium counts as members Philippine Infradev and its Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd. Holdings Ltd., and China Harbour Engineering Company Ltd.
“Execution of the joint venture agreement is scheduled on 29 July 2019 at 10:00 am at the 21st floor of the Makati City Hall, subject to compliance by the company of certain conditions such as performance security, list and role of final members of the private proponent’s consortium that shall undertake the project, company registration documents, and copies of the resolutions adopted by the Board of Directors,” Philippine Infradev said.
The transport system will have 10 underground stations located at key destinations such as Ayala Triangle, Makati City Hall, and University of Makati.
There are also plans to integrate the Makati subway with the MRT 3, the Pasig River Ferry System, and the proposed Metro Manila Mega Subway. The project is expected to be completed in 2025.
The Makati subway system is seen to significantly ease traffic congestion in Makati by providing an alternative transport service for up to 700,000 commuters, and to reduce by 270,000 the number of vehicles plying the streets of Makati. —Ted Cordero/VDS, GMA News