The $3.7 billion Makati Subway project is likely to be stalled due to the Supreme Court (SC) ruling that some areas in Makati City are confirmed to be part of the territory of Taguig City.
Philippine Infradev Holdings, the private real estate development company behind the project, announced the news in a press statement released on Wednesday, September 6.
"Please be informed that pursuant to the recent Supreme Court decision, some areas previously within the jurisdiction of Makati City were found to be within the jurisdiction of Taguig instead," it said.
"Under the Joint Venture Agreement executed between the Makati City Government and the Company, the depot and a few stations of the Makati City subway system will be in the affected areas, Also, the alignment of the subway will no longer be feasible," the real estate company added.
The PH Infradve Holdings said it had sent an intent of notice to the Makati City government to discuss the matter.
Any material developments on the Makati Subway Project would be conferred to the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC), the real estate company said.
The proposed 10-kilometers Makati Subway project was supposed to be operational by 2025.
The subway shall have 10 underground stations located near the landmarks around Makati City.
At least 12 air-conditioned trains will serve 700,000 passengers daily.
