TIU-LED Philippine Infradev Holdings Inc. is infusing $10 million as capital for its newly-incorporated subsidiary in China.
Philippine Infradev on Wednesday told the Philippine Stock Exchange that it will pour the amount on Jiangsu Rizal Infradev Co. Ltd. over a period of three years.
When completed, the subway will service Makati’s daytime commuter population of 4.5 million.
Jiangsu shall serve as Philippine Infradev’s conduit with businessmen and investors in China to help the parent firm secure favorable business relationship and transactions for its projects.
Philippine Infradev is the proponent of the $3.7-billion Makati subway project which will cover 11 kilometers of intra-city mass transport system with up to 10 stations. It will also interconnect with the MRT-3, the proposed Metro Manila Mega Subway and the Pasig River Ferry.
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When completed, the subway will service Makati’s daytime commuter population of 4.5 million.
The company will partner with international firms as Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd., Holdings Ltd. and China Harbour Engineering Company Ltd. to undertake the construction.
In June this year, Philippine Infradev President Anthony Tiu said he was mulling over the extension of the project to other cities such as Pasay, San Juan, Mandaluyong and Manila.
Prior to elections, Tiu said he was in preliminary talks with mayoral candidates for the proposal.
The Makati Subway is slated for completion in 2025.
