IRC eyes to start construction of Makati subway by Nov or Dec

Proponents of the $3.7 billion Makati Intra-City Subway project have already hurdled the Swiss challenge stage last month and hopes to break ground in November or December.

In a chance interview, businessman Antonio Tiu, chairman of listed IRC Properties Inc. said the proposal was already subjected to a Swiss challenge last month and could proceed to the next stage after no entity submitted a proposal to challenge IRC’s unsolicited offer.

“November or December should be a right time to do a ceremonial ground breaking,” Tiu said last week on the sidelines of the 44th Philippine Business Conference.

He said there would be public consultations to also get whatever concerns the public may have.

The equipment to be used for the excavation, such as the tunnel borer machine, may come in six months from the time the IRC-led consortium has placed the order.

The project has already attracted four state-owned companies from China to build the massive network.

Four state-owned companies are interested to do the EPC (engineering, procurement, construction, Tiu said.

Tiu said out of the four interested parties, IRC may choose two to construct the proposed 11-kilometer intra-city mass transport system which will have up to 10 stations that will connect key points in Makati’s districts.

The unsolicited proposal, which was submitted to the City of Makati last May, will connect key points in Makati City such as the current 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.

The proposed subway system would have up to 10 air-conditioned, underground island stations that could accommodate up to six car trains, with a room for over 200 persons per car, Tiu said.

It is expected that over 700,000 passengers per day will be accommodated and served by the mass transport system.

The subway would have potential interchanges or links to other mass transport systems such as the MRT, the Pasig River ferry, and the JICA-funded Metro Manila Subway, Tiu said.

Funding for the $3.7 billion project may come from a syndicate of loans overseas.

Local banks have offered to provide peso-denominated long term loans.

Last May, Makati City Mayor Abby Binay said she received the unsolicited proposal which she believes 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 P1.5billion as it undertakes the project.