In the past months, we’ve known that Makati City has its plans to create a subway that would run around the Metro. A 10-kilometer subway which has been planned to take people in and around the Metro. Furthermore, this subway does not only intend to provide optimum public transport to people; it also promised thousands of job opportunities to the people of Makati, specifically, the elderly.
Makati City Mayor Abigail Binay, on Tuesday, said that the Philippine Infradev Holdings Inc. signed an investment deal with Chinese partners in Hong Kong on October 28th, 2019.
In a Facebook post, Mayor Abby Binay said that she ought to leave Manila for a vacation; however, she ended up still working.
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. 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.”
According to Makati City government, Chinese firms Shanghai Mintu Investments Ltd. and Hui Gao Investments Development Ltd. agreed to provide funds for the building of the Makati City subway in partnership with the Philippine Infradev Holdings Inc., the leading proponent of the Makati City subway.
How much would these Chinese investment firms provide?
In total, the two (2) firms committed to provide a total of $332 million, enough to build the 10-kilometer subway.
Shanghai Mintu Investments Ltd. promised a $30 million direct equity investment in the Makati City Subway Inc. Furthermore, Hui Gao Investments Development Ltd. will be providing a $102 million investment which will be for equity investment, and $200 million in the credit facility.
This investments made by these Chinese firms are enough for both the construction and initial operation of the underground railway.
Mayor Binay said that all-in-all, the funding for the subway has reached $500 million and will be enough to start the construction of the railway. She continued to say that the project is gaining momentum and that leading partner Philippine Infradev Holdings Inc., will be able to have enough resources to finish the project on time.
The Makati subway project is definitely gaining momentum, and we’re confident that our lead partner Philippine Infradev Holdings will be able to sustain the pace and finish the project on schedule.”
Hopefully, the Makati City subway would prove its worthiness to the people who come in and out of Makati. Moreover, this subway will be able to provide a better commuting experience to travelers.
Binay expressed her thanks and feelings of gratitude for the trust of the Chinese firms in the “viability of the subway project.” Through their investments, Binay said, the project can see a smooth and flawless progress.
With the Makati City subway being operational, we can expect that the infamous traffic in the said city will be lessened – if not removed; and that the travel time of people working and living in Makati would be used for productivity.
Jobs for the people of Makati
In the construction alone, Binay said that about 10,000 jobs will be opened for it. Operations-wise, they would need to employ about a few thousand more, including the senior citizens, for the efficiency and effectivity of the subway.
Because of the service it will be providing, Antonio Tui, Infradev Holdings Chief Executive Officer (CEO) and President said that the base fare of the Makati City subway would be about 20 to 25 percent higher than those of the fares by the Metro Rail Transit System (MRT) and the Light Rail Transit System (LRT).
That said, people should expect that the rates would somehow be more costly than what they’re used to paying for MRT and LRT fares.
When is the scheduled completion of the Makati City subway?
As per the project, the Makati City subway is reported to begin its operations in the year 2025. This subway would be seen to complement and go along with the Metro Manila Subway project, projects for the MRT stations, and of course, the Pasig River Ferry.
These projects aim for one thing – to provide a better commuting experience to Filipinos long-term. What do you think about the plans of having a Makati City Subway? Could this be better for the Filipino people? Can this really aid in the eradication of traffic in our central business districts?