MANILA, Philippines — Proponents of the $3.7-billion Makati Intra-City Subway project are targeting to break ground in December and have already attracted four state-owned companies from China to build the massive network.
“Four state-owned companies are interested to do the EPC (engineering, procurement, construction),” said businessman Antonio Tiu, chairman of listed IRC Properties Inc., the project proponent.
Tiu said out of the four interested parties, IRC may choose two to construct the proposed 11-kilometer intra-city mass transport system, which will have up to 10 stations that will connect key points in Makati’s districts.
The unsolicited proposal, which was submitted to the City of Makati last May, will connect key points in Makati City such as the current Central Business District along Ayala Avenue, the Makati City Hall, the Poblacion Heritage Site, the University of Makati, Ospital ng Makati and the other new business districts within the city.
Tiu said they are now in talks with different developers such as the Ayala Group for seamless connection to their areas.
The proposed subway system will have up to 10 air-conditioned, underground island stations that can accommodate up to six car trains, with a room for over 200 persons per car, Tiu said.
It is expected that over 700,000 passengers per day will be accommodated and served by the mass transport system.
It will have potential interchanges or links to other mass transport systems such as the MRT, the Pasig River ferry, and the JICA-funded Metro Manila Subway, Tiu also said.
Funding for the $3.7 billion project can come from a syndicate of loans overseas.
At the same time, Tiu said local banks have offered to provide peso-denominated long term loans.
The unsolicited proposal is now ready to be subjected to a Swiss challenge after IRC received the go-signal from the local government.
“IRC wishes to inform the investing public that pursuant to Makati City Ordinance No. 2014-051 or the City of Makati PPP Code,” as amended by Makati City Ordinance No. 2017-017, a joint certification was today executed between the Makati City Government and IRC, certifying, among others, that IRC, as the proponent, is eligible to participate as the original proponent in the unsolicited proposal and competitive/Swiss Challenge process,” IRC said in a disclosure last month.
Last May, Makati City Mayor Abby Binay said she received the unsolicited proposal which she believes would give Makati a fast and efficient transport system.
The proposed transport system is seen complementing the mass transport projects of the national government as it would be connected to the MRT stations, the proposed Metro Manila Mega Subway and the Pasig River ferry.
IRC recently applied to increase its authorized capital to P19.5-billion from P1.5-billion as it undertakes the project.