Makati Subway to get extra $332-million funding from Chinese firms
MANILA, Philippines – The Makati Subway project, a brainchild of Mayor Abby Binay, secured an additional $332 million from two Chinese firms for its initial construction.
On Monday, October 28, Binay attended the partnership signing ceremony of Infradev Holdings with Hui Gao Investments Development and Shanghai Mintu Investments held in Hong Kong. The Makati mayor was accompanied by City Administrator Claro Certeza.
The planned Makati Subway system is a $3.5-billion joint venture deal between Infradev and the city government. (READ: In Abby Binay's Makati, there are free cakes but no sugarcoating)
Hui Gao will give a $102-million equity investment and another $200 million in credit facility to the country’s first intra-city subway system. Shanghai Mintu also signed a subscription agreement for direct equity investments worth $30 million.
"I left Manila yesterday to go on vacation but I still ended up working. But, these are one of many sacrifices that I am willing to take just to make the Makati Subway a reality,” said Binay in a Facebook post on Tuesday, October 29.
“With the signing, the project now has an additional US$332 Million to jumpstart the construction. Congrats to Infradev, Redco, and the City of Makati," added the mayor.
The subway, which will have at least 10 stations linking different destinations across Makati, is eyed to not only improve mobility in the city but to also generate some 10,000 jobs for Makatizens, including seniors citizens who can still work.
Infradev Holdings president and chief executive officer Antonio Tiu said the Makati Subway fare will be around 20% to 25% higher than the rates of the Light Rail Transit and the Metro Rail Transit. The subway is expected to be operational by 2025. – Rappler.com