$3.7- B Makati subway MOU signed, 2023 completion eyed
- Source: https://news.mb.com.ph/2018/12/12/3-7-b-makati-subway-mou-signed-2023-completion-eyed/
- Friday, December 14, 2018
- By Jel Santos
The Makati City local government on Wednesday inked a memorandum of understanding (MOU) at the Makati City Hall with Philippine Infradev Holdings Inc., formerly IRC Properties Inc. for the US$3.7billion subway project.
Mayor Abigail Binay and city officials signed the MOU with officials of Philippine Infradev Holdings Inc. before a ceremonial drilling rite in front of the old City Hall building.
Mayor Binay said the MOU signals the start of preparatory works for the subway project, which is being targeted for completion by 2023.
“I believe the Makati Subway will be a very valuable legacy, and I am fully committed to its timely completion and operation. It will make a lasting positive impact on the lives of our residents, and contribute significantly to the city’s sustainable development and economic growth,” she said. Makati subway system The subway project is expected to generate 6, 000 jobs during its construction and when it start its operation, the mayor said.
Atty. Michael Camiña, City Legal officer and spokesman, said the subway is a joint venture between Makati City and the consortium of local and foreign investors, with no cash out on the part of the city.
“The 30-year concession with the consortium includes maintenance and repair of the coaches and the control hub,” he said.
Over 27, 000 passengers per hour will be served by the subway system once completed.
Furthermore, it also promises an interval of three to six minutes between trains on the first year, with 12 operational trains.
The subway system will have two tracks, up to 10 underground stations, and air-conditioned coaches which can accommodate 200 persons per car.
It spans 10 kilometers with a train yard, maintenance depot, and central command center at ground level.
The stations will have aroubd 30 station entrances linked to destinations across Makati.
As such, the system will also be connected to ferry transport, interchanges to the existing MRT 3 line, as well as potential links to the future Japan International Cooperation Agency (JICA)-funded Metro Manila subway, and to future parking structures and transport feeders outside the existing business districts.
The local government eyes to have at total of 18 trains with two to four minute interval by 2024.
“The city is also prepared to accommodate as many as 40,500 passengers per hour during peak hours. The train system will run on an 18-hour operational cycle.”
Also, the subway system expected to increase work productivity by diminishing the daily commute or travel time of workers. “Feasibility studies project 270,000 fewer cars in the streets of Makati by 2048. This makes the Makati Subway a more eco-friendly and sustainable solution as well, with a projected reduction of 2.3 million tons of CO2 annually in greenhouse gas emission by 2048,” the local government said.
The project, the mayor said, will allow for an additional 320,000 residents in Makati City. “Besides enjoying a walkable city with considerably less pollution, residents will also enjoy 20 percent higher land values because of the new transport system. The figure was based from the experience of other Asian cities like Bangkok and Hong Kong,” she said.
Binay said neighboring cities of Makati are also expected to benefit from its subway project, saying it will help decongest traffic, particularly in major thoroughfares used by millions of commuters and motorists every day in the metropolis.