Proponent for Makati Mass Transport System Bares Plans, Accepts Challengers
The local government of Makati City has accepted the proposal of a real estate developer to construct and develop the city's mass transport system. At the same time, the developer is also open to challengers for the said project.
A month ago, IRC Properties, Inc. was granted original proponent status by the city government for a project it touted as a crucial solution for the mass transport needs of Makati City and its surrounding areas.
Under its proposal, IRC Properties 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, with no cash out from the city government, at a projected cost of USD3.7 billion (nearly PHP197 billion).
According to IRC Properties, it has executed a joint certification with the Makati City government on Monday, July 23, allowing the original proponent to participate in the unsolicited proposal and Swiss challenge process pursuant to the city's Public-Private Partnership (PPP) Code. Under the scheme, other private groups could match the bid of IRC Properties.
"The company's proposal is aligned with the national government's aggressive infrastructure program as well as Makati's goal to be a digital city," the company said in a statement.
The proposed Makati transport system is envisioned to complement the mass transport projects of the national government as it would be interconnected to the Manila Metro Rail Transit, the proposed Metro Manila Mega Subway, and the Pasig River ferry.