Infradev, Makati City gov’t ink joint venture deal for subway project

Metro Manila (CNN Philippines, July 30)— A real estate company and the Makati City government on Tuesday signed a joint venture for a 10-kilometer intercity subway project within the premier business district.

Philippine Infradev Holdings, Inc, represented by businessman Antonio Tiu, and Makati Mayor Abby Binay led the signing for the agreement.

"We're very happy that we are the private component of this historic landmark milestone for Makati City, for the Philippines,” Tiu said during the event. “This will be the real game changer that will transform how the new 21st century metropolis will look like."

Infradev on Monday said it has submitted a $350-million performance bond to the city government for the $3.7-billion subway project, which broke ground in December.

A performance bond guarantees that a party will perform its duties and obligations according to the contract.

The 10-station subway will connect key points in the city including Ayala Triangle Gardens, city hall, Circuit Makati, and University of Makati.

Binay earlier said the subway will generate around 10,000 jobs for residents.