MANILA, Philippines — Philippine Infradev Holdings Inc., the firm behind the Makati Subway project, has approved the creation of a subsidiary in China.
With a paid-up capital of $10 million, the subsidiary will be named Infra China Ltd. and will be set up in Jiangsu.
Its purpose is for procurement, financing, financial leasing, commercial trading and providing guarantee, among other businesses.
Aside from the creation of a China subsidiary, the company’s board also gave management the authority to negotiate with Aggregate Business Group Holdings Inc. (ABG) to be part of the consortium for the Pasig River project with Pasig River Rehabilitation Commission (PRRC).
In a recent briefing, Philippine Infradev president and CEO Antonio Tiu said he plans to extend the subway to other cities adjacent to Makati.
He said the company is considering partnerships with the cities of Pasay, Pasig, San Juan, Mandaluyong and Manila.
“Hopefully, we can do it not just in Makati but all over Metro Manila,” he said.
The Makati Subway project is a public-private partnership project with an estimated cost of $3.7 billion.
The proposed subway would connect key points in Makati such as the central business district along Ayala Avenue, the Makati City Hall, the Poblacion Heritage Site, the University of Makati, Ospital ng Makati and the other new business districts within the city.
It will have up to 10 airconditioned, underground island stations. Each station is estimated to cost $100 million to build but Tiu said there would be retail and commercial leasing components in the station which would make the whole project viable.
The system can accommodate up to six car trains, with a room for over 200 persons per car, with over 700,000 passengers per day to be accommodated and served by the proposed mass transport system.
Last December, the infrastructure company chaired by Ren Jinghua officially commenced soil testing for the planned 10-kilometer intracity subway in Makati.
The proposed intracity subway 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.