MANILA, Philippines — A joint venture between engineering conglomerate D.M. Consunji, Inc. and Japan’s Nishimatsu Construction Co. Ltd. bagged the subway project that will see the construction of Quezon Avenue and East Avenue stations.
In a disclosure sent to the Philippine Stock Exchange Index on Tuesday, DMCI said this was the company's first subway project.
The joint venture will cover Contract Package 102 of the subway project, which will task these companies to call shots for the design, supply, installation, construction, testing, commission and training.
The project is valued at P21.21 billion. It will be funded by a loan from Japan International Cooperation Agency (JICA) and will take approximately 67 months to complete.
DMCI believes the project would help “address” urban mobility issues within Metro Manila, which has seen traffic volumes return to pre-pandemic levels as the national government fully reopened the economy in past months.
The idea to build a subway system within Metro Manila was revived by the Duterte administration back in 2016.
Nishimatsu is considered to be Japan’s leading tunnel contractor, having a portfolio of more than 1,000 tunnels. Their project include Singapore's National Library Board Building, London's Channel Tunnel Rail Link and Hong Kong's Lap Kok Airport.
On Monday, the Marcos Jr. administration inaugurated portions of the Metro Manila Subway Project covering the construction of the Ortigas and Shaw stations.
As of reporting, shares in DMCI were trading up by over 4%.