THE MAKATI City government announced Wednesday that the first 55 lot owners who agreed to sell their properties to the private consortium undertaking the construction of the Makati Subway project will each get PHP1 million as signing bonus.
In a Facebook statement, Makati City administrator, lawyer Claro Certeza, said the initial 55 lots have a combined value of PHP1.18 billion covering 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, noting that five among 55 property owners have already submitted the required documents.
Certeza, also the city's Public-Private Partnership (PPP) Selection Committee chairperson, added that five lot owners have been paid with a total of Php62.9 million by the Makati Subway, Inc. while the owners of the remaining 49 lots are currently processing the documents for the transfer.
“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,” Certeza said.
Certeza, meanwhile, expressed hope that other property owners will follow suit "so that the initial phase of the project can be completed, and the private partner can proceed with the construction".
“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," he said.
Mayor Abigail Binay has signed the joint venture agreement between Makati City and Philippine Infradev Holdings, Inc. for the subway project on July 30, 2019.
According to the city government, the project could provide around 10,000 jobs for the people of Makati.
The project 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 and travel time of the workers residing near the project.
The Makati Subway would also connect transport systems of the national government including the MRT-3 and the Pasig River ferry stations. (By Lade Jean Kabagani)
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