The Philippine Infradev Holdings, Inc., formerly IRC Properties, is the lead private sector proponent in the joint venture with Makati City.
With the land contribution of Makati City and the initial investment, the Makati City Subway System now has an initial funding of around $500 million. “We are also grateful to our new partners from the Chinese business community for showing their trust in the viability of the subway project through their investments. With their vote of confidence, we anticipate more investors coming in to share our vision for the city,” she said.
The project, the mayor said, will generate 10, 000 jobs to Makati residents in the construction and operation of the subway. Upon Binay’s request, job opportunities will be opened to able-bodied Makati senior citizens once the subway begins to operate in 2025. The local government of Makati City was also represented by Lawyer Claro Certeza, City Administrator and Chairman of the PPP Selection Committee, and Lawyer Michael Camiña, City Legal Officer and Secretary of the PPP Selection Committee.
Why spending these big money to benefits the rich. Very few people would like to go to Makati, it is expensive in there.