$3.7-B Makati rail project is up for ‘Swiss Challenge’
Publicly-listed IRC Properties, Inc. and its international consortium partners are now ready to participate and face competitive Swiss Challenge for its proposed $3.7-billion intra city rail transport system project in Makati.
This is after the consortium received the go-signal from the local government. Last month, IRC was granted original proponent status for the project touted as a crucial solution for the mass transport needs of Makati City and nearby areas.
In a disclosure to the Philippine Stock Exchange (PSE), IRC said the project shall now proceed with the “Swiss Challenge” process. IRC and the City of Makati have executed a joint certification toward this end.
“IRC wishes to inform the investing public that pursuant to Makati City Ordinance No. 2014-051 or the City of Makati PPP Code, as amended by Makati City Ordinance No. 2017-017, a joint certification was today executed between the Makati City Government and IRC,” IRC said.
It added that it certified, among others, “that IRC, as the proponent, is eligible to participate as the original proponent in the unsolicited proposal and competitive/Swiss Challenge process.”
Under its proposal, the IRC-led consortium 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.
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 proposed transport system in particular will complement the mass transport projects of the national government as it would be interconnected to the MRT, the proposed Metro Manila Mega Subway and the Pasig River ferry.
IRC recently applied to increase its authorized capital to 119.5 billion from 11.5 billion as it undertakes the project.
Several companies have already indicated their intention to be part of the IRC consortium – including several Chinese state-owned enterprises and large publicly listed companies.