‘Lot owners accept Makati Subway offer’

THE owners of 55 lots in Makati have accepted the purchase offer of the private consortium undertaking the construction of the Makati Subway to date, according to lawyer Claro Certeza, City Administrator.

Certeza, who chairs the PPP Selection Committee of Makati City, said the initial 55 lots have a combined value of P1.18 billion and cover a total area of 7,638.83 square meters.

“These landowners who promptly accepted the offer, will each get a P1million incentive granted by Makati Subway Inc.,” Certeza said.

Five of the 55 property owners have submitted all the required documents and have already been paid a total of P62.9 million by the Makati Subway Inc.

The owners of the remaining 49 lots are currently processing the documents for the transfer, he said.

“Despite the ongoing crisis, the Makati Subway has remained on track. Our private sector partner has been communicating and negotiating with concerned property owners for the acquisition of lands needed for the project,” Certeza said.

He said he hoped other property owners will soon follow suit so that the initial phase of the project can be completed, and the private partner can proceed to the construction itself.

Last July 30, 2019, Mayor Abby Binay led the historic signing of the joint venture agreement between Makati City and Philippine Infradev Holdings, Inc. for the subway project.

According to Certeza, “The subway project comes at an opportune time when we are trying to rebuild our economy and to secure employment for thousands of Filipinos displaced

by the pandemic.”

Around 10,000 jobs are projected during its construction and operation, particularly for city residents, including senior citizens who are still fit to work.

It will link the central business district, city hall and other key areas in the city, and is expected to increase work productivity by cutting down the daily commute or travel time of workers. It will also have connections to other mass transport systems of the national government like the MRT 3 and the Pasig River ferry.

Contributed Photo CEREMONIAL BELL RINGING The Philippine Stock Exchange Inc. (PSE) hosted a ceremonial bell ringing for the listing by way of introduction of Altus Property Ventures Inc. (APVI). The company was officially listed in the PSE on June 26. Photo shows from left by row: Faraday D. Go, APVI Director; Atty. Roel A. Refran, PSE COO; Kerwin S. Tan, APVI Treasurer and Compliance Officer; Frederick D. Go, APVI Chairman and President; Ramon S. Monzon, PSE President and CEO; Renee D. Rubio, Securities Clearing Corporation of the Philippines COO; Atty. Rosalinda F. Rivera, APVI Corporate Secretary; Anna Katrina C. De Leon, APVI VP Controller; Cora Ang Ley, APVI Director; Rachelle C. Blanch, PSE VP and Market Operations Head.

From www.pia.gov.ph MAKATI City officials, led by Mayor Abby Binay, and the city's private sector partners conducted a ceremonial drilling in front of the Old City Hall building to mark the start of the Makati subway project in December 2018. Former Vice President Jejomar Binay also attended the event.