Makati mayor to withdraw from P8.96B subway project settlement

Makati City Mayor Nancy Binay-Angeles plans to withdraw from an P8.96 billion settlement deal with Philippine InfraDev Holdings Incorporated (PhilDev) for the abandoned Makati Subway Project.

The settlement was approved by the previous administration's Makati City Council on June 23, 2025, shortly before the end of their term.

The new city government will form a team to investigate the deal to prevent financial waste and safeguard city finances.

The city government will notify the Singapore International Arbitration Center (SIAC) of its decision by Friday, July 11, 2025.

The previous administration initiated arbitration after PhilDev deemed the project unfeasible due to a territorial dispute between Makati and Taguig City.

Mayor Binay-Angeles has raised concerns about the deal's lack of public consultation, budget clearance, and due diligence.

Former mayor Abby Binay-Campos defends the agreement, stating it would result in the city acquiring Makati City Subway Inc. (MCSI) with a net value of $1.6 billion and land assets, and that Makati would pay its Public-Private Partnership (PPP) partner $160 million, reflecting the actual investment determined by Pricewaterhouse Coopers (PwC).