Antonio Tiu-led IRC Properties gets original proponent status for Makati subway
IRC Properties, a listed realty firm now headed by Antonio Tiu, a suspected crony of former Vice President Jejomar Binay, obtaind original proponent status for its proposed $3.7 billion mass rail transport system in Makati City.
In a filing with the stock exchange, IRC Properties said its proposal to build an 11-kilometer railway intra-city subway system that will connect key points in Makati, had been accepted by the Makati City government.
The proposal will undergo detailed negotiations on the technical and financial aspects, the next phase of the Public-Private Partnership process.
It will establish 8-10 stations at no cost to the government.
The proposed project seeks to decongest traffic in Makati.