Makati Subway can move 'faster than expected,' proponent says

Michelle Ong, ABS-CBN News

Posted at Jul 05 2018 09:40 AM | Updated as of Jul 03 2019 12:43 PM

Makati Subway can move 'faster than expected,' proponent says 1
Commuters wait for rides during rush hour in the Makati City financial district, Jonathan Cellona, ABS-CBN News/File

MANILA -- The proposed Makati subway, which may be built with Chinese partners, will move "faster than expected," its proponent said Thursday.

IRC Properties is working with the Makati City government first before expanding it to as many as 3 other cities, president and CEO Antonio Tiu said.

The company secured "original proponent" status for the project, meaning it has the right to match the bid of a challenger, should there be one, according to Public Private Partnership guidelines.

"With regards to our Chinese partners, they re shareholders. They put up equity, I believe this project would fly faster than expected," Tiu told ANC's Early Edition.

"China and the Philippines have now moved into a golden era. There is influx of so much Chinese investment. We should embrace this opportunity. We should capitalize on this golden era and attract Chinese money to invest in infrastructure," he said.

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Tiu is the second tycoon to submit an unsolicited proposal for a railway in the capital. Billionaire Andrew Tan's Alliance Global proposed the construction of a monorail to connect Makati and Taguig cities.

The government also plans to construct a subway from Mindanao Avenue in Quezon City to the Ninoy Aquino International Airport in Pasay City under its P8-trillion "Build, Build, Build" program.

IRC Allied earlier told the stock exchange that Greenland Holdings, Jiangsu Provincial Construction Group, Kwan On Holdings, MingTu Investment Holdings and China Harbour Engineering Construction "signified their intention" to join the consortium that would build the subway.