MANILA, Philippines — IRC Properties Inc. is gearing up for the competitive Swiss Challenge for its proposal to build an intra city rail transport system in Makati.
The unsolicited $3.7 billion proposal, submitted to the city of Makati, is now ready to be subjected to a Swiss challenge, after IRC received the go-signal from the local government.
Last month, IRC was granted original proponent status for the project, which is seen as a crucial solution for the mass transport needs of Makati City and nearby areas.
In a disclosure to the Philippine Stock Exchange (PSE) yesterday, IRC said the project shall now proceed with the Swiss challenge process.
IRC and the city of Makati have executed a joint certification which effectively commences the Swiss challenge process.
Under its proposal, the IRC-led consortium will construct an 11-kilometer intra-city mass transport system with up to 10 stations that will connect key points in Makati’s two districts.
This will be at no cost to the city government of Makati and is aligned with the national government’s aggressive infrastructure program as well as Makati’s goal to become a digital city.
Makati City Mayor Abby Binay said the unsolicited proposal would give Makati a fast and efficient transport system.
The proposed transport system is seen complementing the mass transport projects of the national government as it would be connected to the MRT stations, 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.
Several companies have already indicated their intention to be part of the IRC consortium – including several Chinese state-owned enterprises and large publicly listed companies.