Makati subway project now open for Swiss Challenge, says proponent

Listed developer IRC Properties Inc. said Tuesday its proposed $3.7-billion subway rail transport system in Makati City together with its international consortium partners is now open for a competitive challenge.

In a regulatory filing submitted by IRC corporate secretary Delfin Angcao, the company said the Makati City Mass Transport System project shall now proceed to a Swiss Challenge pursuant to the Makati City government's public-private partnership code.

In a separate statement, the company said it is now ready to participate in a competitive Swiss Challenge for its proposed $3.7-billion project to provide an intra-city rail transport system in Makati City after receiving the go-signal from the local government.

Late last month, the IRC was granted original proponent status for the project touted as a crucial solution for the mass transport needs of Makati City and nearby areas.

Under its proposal, the IRC-led consortium will construct an 11-kilometer intra-city subway mass rail-transport system with up to 10 stations that will connect key points in Makati's two districts, with no cash out from the city government.

"The company’s proposal is aligned with the national government’s aggressive infrastructure program as well as Makati’s goal to be a digital city," it said.

In its disclosure to the Philippine Stock Exchange  the IRC said it has executed a joint certification with the Makati City government certifying that IRC, as the proponent, is eligible to participate as the original proponent in the unsolicited proposal and competitive Swiss Challenge process.

IRC noted that its proposed transport system will complement the mass transport projects of the national government as it would be interconnected to the Metro Rail Transit Line 3, the proposed Metro Manila Mega Subway, and the Pasig River ferry.

IRC recently applied to increase its authorized capital to P19.5-billion from P1.5-billion as it undertakes the project.

The company said several companies have indicated their intention to be part of the IRC consortium, including Greenland Holdings, Jiangsu Provincial Construction Group, Kwan On Holdings, MingTu Investment Holdings and China Harbour Engineering Construction Ltd. —JST, GMA News