Proponents of the Makati Subway system shelled out more than P1.1 billion to pay the owners of 55 lots who agreed with the city government to use their property for the project.
City administrator lawyer Claro Certeza, who chairs the Private-Public Partnership project Selection Committee, said the initial 55 lots had 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 P1-million incentive granted by Makati Subway, Inc.,” Certeza said.
Five of the 55 property owners have submitted all the required documents and have been paid a total P62.9 million by the Makati Subway, Inc.
The owners of the remaining 49 lots are currently processing the documents for the transfer, Certeza 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,” he said.
Certeza said the city government was hoping that other property owners would follow suit so that the initial phase of the project could be completed, and the private partner could proceed to the construction itself.
In July last year, Mayor Abigail 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 Metro Railway Transit – 3 and the Pasig River ferry system.