MANILA -- IRC Properties Inc., the proponent of the USD3.7-billion Makati mass transport system, said Tuesday it is prepared to participate and face the competitive challenge process for its proposed project after receiving the go-signal from the local government.
In a disclosure to the local bourse, IRC said it executed Monday a joint certification with the Makati City government allowing the original proponent to participate in the unsolicited proposal and Swiss challenge process pursuant to the city’s Public-Private Partnership (PPP) Code.
Under the scheme, other private groups could match the bid of the initial proponent.
IRC last month was granted original proponent status for the project touted as a crucial solution for the mass transport needs of Makati City and nearby areas.
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,” it said in a statement.
The proposed Makati transport system is envisioned to complement the mass transport projects of the national government as it would be interconnected to the Manila Metro Rail Transit, the proposed Metro Manila Mega Subway, and the Pasig River ferry. (PNA)
