The city government of Makati on Wednesday inked a memorandum of understanding for the $3.7-billion subway project with Philippine Infradev Holdings Inc., formerly IRC Properties Inc., at the Makati City Hall.
Makati Mayor Abigail Binay and city officials signed the MoU with officials of Philippine Infradev Holdings Inc. before the ceremonial drilling of the Makati subway project in front of the old City Hall building.
Binay said the MoU signals the start of preparatory works for the subway project, saying they are now targeting to complete the project in 2023.
“I believe the Makati subway will be a very valuable legacy, and I am fully committed to its timely completion and operation. It will make a lasting positive impact on the lives of our residents, and contribute significantly to the city’s sustainable development and economic growth,” she said.
The subway project is expected to generate 6,000 jobs during its construction and when it starts its operation, the Makati mayor said.
Michael Camiña, city legal officer and spokesperson, said the subway is a joint venture between Makati and the consortium of local and foreign investors, with no cash out on the part of the city.
“The 30-year concession with the consortium includes maintenance and repair of the coaches and the control hub,” he said.
Over 27, 000 passengers per hour will be catered by the subway system once completed.
Furthermore, it also promises an interval of three to six minutes between trains on the first year, with 12 operational trains.
The subway system will have two tracks, up to 10 underground stations, and air-conditioned coaches which can accommodate 200 persons per car. It spans 10 kilometers with a train yard, maintenance depot, and central command center on ground level.
The stations will have around 30 station entrances linked to destinations across Makati. (Jel Santos)