Abby Binay urges Nancy to improve financial literacy on subway project

Former Makati City Mayor Abby Binay has urged her sister and current mayor, Nancy Binay, to improve their financial literacy following recent statements about a P8.9-billion subway project agreement.

Abby dismissed Nancy's claims of a potential financial crisis if the settlement is enforced by the Singapore International Arbitration Center (SIAC) and reminded that she left city hall with almost P30 billion in cash reserves.

The former mayor reiterated that the settlement will make Makati financially stable, richer in assets, and denied allegations of striking a midnight deal or deliberately hiding documents from Nancy's transition team due to confidentiality agreements.

Abby also highlighted that the approval of the Commission on Audit (COA) and City Council is required before any appropriation for the payment can be made.

The Nancy Binay camp has expressed interest in withdrawing from the settlement agreement, but Abby warned this could result in a full $1.7 billion arbitration claim by InfraDev and send a negative signal to business partners.

Mayor Nancy's administration has also indicated plans to review previous Public-Private Partnerships entered into during her sister's tenure.