MANILA - The proponent of the Makati Subway said on Tuesday that it was ready for a "Swiss challenge" to its $3.7 billion proposal.
IRC Properties told the stock exchange that the company and the Makati City government made a joint certification recognizing its original proponent status "in the unsolicited proposal and competitive/Swiss challenge process."
A "Swiss challenge" happens when competing bids are sought for an unsolicited proposal for a government project.
IRC and its foreign partners proposed to construct an 11-kilometer mass transport system with up to 10 stations spanning Makati's two districts. The company said the project would entail no cash out from the city government.
"The proposed transport system in particular will complement the mass transport projects of the national government as it would be interconnected to the MRT, the proposed Metro Manila Mega Subway and the Pasig River ferry," the company said in a statement.
Several companies, including Chinese state-owned firms, said they intend to be part of the IRC consortium, according to IRC.