IRC Properties Inc. said the proposed $3.7-billion Makati subway is now ready for Swiss Challenge after the project received the go-signal from the city government of Makati.
IRC Properties said in a disclosure to the stock exchange the Makati Intra-City Rail Transport System would now proceed to the Swiss Challenge process after the company and the city government of Makati executed a joint certification for the project.
“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, certifying, among others, that IRC, as the proponent, is eligible to participate as the original proponent in the unsolicited proposal and competitive/Swiss Challenge process,” IRC said.
IRC Properties said along with foreign partners, it was now ready to participate and face competitive Swiss Challenge for the proposed project.
IRC Properties received the original proponent status for the project in June.
The IRC-led consortium proposed to construct an 11-kilometer intra-city mass transport system with up to 10 stations to connect key points in Makati’s two districts, with no cash out from the city government.
The proposal is aligned with the national government’s aggressive infrastructure program and Makati’s goal to be a digital city.
The proposed transport system will also complement the mass transport projects of the national government as it would be interconnected to the Metro Rail Transit Line 3, the proposed Metro Manila Mega Subway and the Pasig River ferry system.
The company said several companies indicated their intention to join IRC Properties in this project, including several Chinese state-owned enterprises and large publicly listed companies.
IRC Properties recently obtained shareholders approval to increase its authorized capital to P19.5 billion from P1.5-billion in preparation for implementation of the big-ticket infrastructure project.
Shareholders also approved to change its corporate name to Philippine Infradev Holdings Inc. and its primary purpose from a real estate firm to a holding company engaged in infrastructure and real estate development.
Share price of IRC Properties closed lower by 4.6 percent to P1.46 Tuesday.