Abby Binay says Makati has enough funds to settle subway project
Binay-Campos said the $160 million compromise — which took into account Infradev's actual investments as confirmed by Pricewaterhouse Coopers (PwC) — was a strategic way to shield the city from the firm's $1.7-billion arbitration claim filed before SIAC.
'Claims that there will be no more funds for services and operations are baseless,' Binay-Campos said in a press release.
Earlier, the former mayor said the city would be given full ownership of the corporate entity established to develop and operate the stalled underground train system in the city as part of proceedings with the SIAC.
Her sister, newly elected Mayor Nancy Binay, has flagged a supposed 'midnight settlement' that the previous administration entered seven days before the end of their term, obligating the city to pay P8.96 billion to the private partner Philippine InfraDev Holdings Inc.
Binay-Campos denounced allegations that the deal was rushed or a 'midnight agreement,' reiterating that it was a calculated move to not only prevent larger losses, but also to substantially raise the city's assets and provide long-term financial stability.
'The compromise was not plucked out of thin air. It took into account actual data and fair valuation principles as confirmed by PwC, an internationally-known audit firm,'' she said.
She also said her successor and sister could review or revoke the settlement, but warned: 'Go ahead. But show Makatizens your brand of service, Ate.'
To recall, the Makati Subway System, then envisioned to be a 10-kilometer subway from EDSA-Ayala to Ospital ng Makati, broke ground in 2018.
InfraDev and its Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd. Holdings Ltd., and China Harbour Engineering Company Ltd. were awarded the public-private partnership deal to undertake the Makati City Subway project by the Makati City government in 2019.
Construction activities, however, were halted in 2022 due to the Supreme Court ruling that placed the jurisdiction of several areas to Taguig City.
Following the ruling, Philippine Infradev Holdings Inc. said the Makati Subway System was rendered unviable, with the depot originally set to be located in Barangay Cembo. It also had a planned station in the University of Makati in West Rembo, and another one in Ospital ng Makati in Pembo. — BAP, GMA Integrated News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
GMA Network
18 hours ago
- GMA Network
Increased China presence in WPS bid to cover up ‘embarrassing' mishap —NMC
The increased Chinese presence around Bajo de Masinloc or Scarborough Shoal could be an attempt to protect their image after the recent collision between ships of the China Coast Guard (CCG) and the People's Liberation Army Navy (PLA Navy), the National Maritime Council said Sunday. The Philippine Navy confirmed that as of August 14, China has deployed seven CCG vessels and 13 Chinese maritime militia vessels in the area, compared with the Philippine Coast Guard's (PCG) lone vessel the BRP Teresa Magbanua. 'Siguro ito yung isa nilang pamamaraan para baligtarin 'yung nangyari, kasi very embarrassing 'yun sa kanila and they want again to project na they're in control para matabunan 'yung issue,' NMC spokesperson Undersecretary Alexander Lopez said in a report on GMA's '24 Oras Weekend' on Sunday. (Maybe this is one of their ways to twist what happened because that was very embarrassing for them, and they want to project again that they're in control to cover up the issue.) This comes as the CCG vessel 3104 and PLA Navy ship 164 collided approximately 10.5 nautical miles east of Bajo de Masinloc on August 11, after chasing the Philippines' BRP Suluan at high speed. China has yet to confirm if there have been any fatalities from the collision. PCG spokesperson for the West Philippine Sea Commodore Jay Tarriela said China may have also deployed anti-drone technology in the area, as Philippine officials have failed to launch drones in the area. 'We were not able to launch our drones. It's because, we are suspecting, that the Chinese have jammed the signal,' he said in the same report. 'We always fly our drone especially if we are subjected to dangerous maneuvers, because we have to document it and then submit it to the National Task Force and then at the same time, of course, release it to the public,' he added. The Philippines has maintained that the Bajo de Masinloc is part of its territory, as ruled by an international tribunal in 2016, which also invalidated Beijing's massive South China Sea claims. China has refused to acknowledge such ruling, and its government in 2022 claimed that it will continue to adhere to what it described as a 'friendly consultation' with the Philippines after several Chinese vessels have been found 'swarming' areas in the West Philippine Sea. The Philippines has already filed dozens of diplomatic protests against China regarding the territorial dispute under the administration of President Ferdinand 'Bongbong' Marcos Jr. — Jon Viktor D. Cabuenas/BM, GMA Integrated News
GMA Network
2 days ago
- GMA Network
PCG slams China's claim of PH 'dangerous maneuvers' in Bajo de Masinloc
China Coast Guard vessel 3104, which was chasing the BRP Suluan of the Philippine Coast Guard near Bajo de Masinloc in the West Philippine Sea, collides with People's Liberation Army Navy (PLA Navy) ship 164 of China on Monday, August 11, 2025. Courtesy: PCG video screen shot The Philippine Coast Guard (PCG) on Saturday lashed back at China for claiming that it was the Philippine side which made "dangerous maneuvers" near Scarborough Shoal or Bajo de Masinloc, an incident which Manila said resulted in a collision between two Chinese ships. At a news forum in Quezon City, PCG spokesperson for the West Philippine Sea Commodore Jay Tarriela said, "It is not the PCG or the Philippine government that escalates the tension in the WPS (West Philippine Sea)." "The reason why tension is rising is because of their dangerous actions and illegal presence within our own EEZ (exclusive economic zone). If there is one country that escalates the tension in the entire SCS (South China Sea), not just in the WPS, that is the People's Republic of China because they are deploying their CCG (Chinese Coast Guard) vessels and even PLA (People's Liberation) Navy warships and this is the source of the tension," Tarriela said. "For the PCG, we are not doing anything that provokes any country in the region. Well, first of all, we are not encroaching in our own waters. We do not recognize the illegal claim of the PRC (People's Republic of China). I say it is illegal because this was already resolved by the 2016 Arbitral Award," he added. The Coast Guard spokesperson made the remark after Chinese Ministry of Defense spokesperson Jian Bin alleged that on August 11, Philippine ships "illegally intruded into the territorial waters of China's Huangyan Dao." "The China Coast Guard vessels took measures in accordance with law to track, monitor, block and dispel these Philippine vessels," said Jian. "During the incident, a PCG vessel made dangerous maneuvers such as high-speed changing and sharp turns to cross the bow of Chinese vessels, which created a complex and close quarters situation at sea," the Chinese official said. Jian, however, did not mention the collision between CCG and PLA Navy vessels in his statement. Last Monday, Tarriela said a collision took place between a CCG vessel and PLA Navy ship off Bajo de Masinloc after the CCG 3104 vessel, which was chasing BRP Suluan at high speed, performed a risky maneuver which led to its impact with PLA Navy warship 164. Following the incident, BRP Suluan's flagpole was bent after it was hit by the PLA Navy ship. The PCG and the Bureau of Fisheries and Aquatic Resources (BFAR) were on a mission to distribute aid to local fishermen in Bajo de Masinloc (Scarborough Shoal) as part of the Kadiwa program. Despite the incident, the PCG had said it immediately offered support, including assistance with man-overboard recovery and medical aid for any injured CCG crew members. Jiang, however, said that the PCG's maneuvers "severely violated China's sovereignty, rights and interests, seriously endangered the safety of the Chinese personnel, and seriously undermined peace and stability in the South China Sea." "We urge the Philippine side to stop its infringements and provocations immediately. The Chinese side reserves the right to take necessary countermeasures to resolutely safeguard territorial sovereignty and maritime rights and interests of the country," the Chinese official said. Unfortunate, but... Following the incident, the Philippine government said it bears no responsibility for the collision between CCG and PLA Navy ships near the contested shoal. The Philippine Department of Foreign Affairs (DFA) said the collision was an "unfortunate outcome, but not one caused by our actions." Further, the Philippines, through the DFA, reiterated its demand to China "for compensation for the damage caused to vessels and equipment last June 17 2024, as well as the return of its firearms and equipment, and the personal effects of its personnel that were illegally seized on that date." Tarriela, likewise, said the Philippine side will not pay any damages to the Chinese side since it was their vessels that collided. "It's actually their recklessness and their dangerous maneuvers that resulted in the collision, but kidding aside, we are not going to pay any accountability for it, for such an incident. It's their own doing, it is their illegal actions that resulted in such a collision," the PCG official said. Grounded PH drones Meanwhile, Tarriela said the PCG was unable to fly its drone on the day of its mission with BFAR in Bajo de Masinloc. "It's because we believe that the Chinese were blocking our drones from taking off… This is the first time that I will be disclosing to the public that we were not able to launch our drones. It's because we are suspecting that the Chinese have jammed the signal for us to bring our drones out to take videos and photos," he said. "Well obviously the intent of the PRC in jamming the signal of our drones is because they know our intention was to get photos and videos, and they also know this information will also be released to the public," he added. GMA News Online has requested comment from the Chinese Embassy in Manila regarding Tarriela's statement about the drones, but it has yet to respond as of posting time. Tarriela said the Philippine side has not yet received official reports or official information from the Chinese side regarding any death or injury caused by the collision. China claims almost the entire South China Sea, a conduit for more than $3 trillion in annual ship commerce. Its territorial claims overlap with those of the Philippines, Vietnam, Malaysia, and Brunei. Beijing's heavily contested territorial claims in the SCS have led to multiple maritime incidents involving the Philippines over the years. Meanwhile, Manila refers to parts of the waters within its exclusive economic zone as the West Philippine Sea. In 2016, an international arbitration tribunal in the Hague ruled that China's claims over the South China Sea had no legal basis, a decision Beijing does not recognize. — VDV, GMA Integrated News
GMA Network
2 days ago
- GMA Network
Trump says Xi told him China will not invade Taiwan while he is US president
US President Donald Trump attends a bilateral meeting with China's President Xi Jinping during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo WASHINGTON - US President Donald Trump said on Friday that Chinese President Xi Jinping told him China would not invade Taiwan while Trump is in office. Trump made the comments in an interview with Fox News, ahead of talks with Russian President Vladimir Putin over Moscow's invasion of Ukraine. "I will tell you, you know, you have a very similar thing with President Xi of China and Taiwan, but I don't believe there's any way it's going to happen as long as I'm here. We'll see," Trump said during an interview on Fox News' "Special Report." "He told me, 'I will never do it as long as you're president.' President Xi told me that, and I said, 'Well, I appreciate that,' but he also said, 'But I am very patient, and China is very patient.'," Trump said. Trump and Xi held their first confirmed call of Trump's second presidential term in June. Trump also said in April that Xi had called him but did not specify when that call took place. China views Taiwan as its own territory and has vowed to "reunify" with the democratic and separately governed island, by force if necessary. Taiwan strongly objects to China's sovereignty claims. The Chinese Embassy in Washington on Friday described the topic of Taiwan as "the most important and sensitive issue" in China-US relations. "The US government should adhere to the one-China principle and the three US-China joint communiqués, handle Taiwan-related issues prudently, and earnestly safeguard China-US relations and peace and stability across the Taiwan Strait," embassy spokesperson Liu Pengyu said in a statement. Although Washington is Taiwan's main arms supplier and international backer, the US — like most countries — has no formal diplomatic ties with the island. —Reuters
