Makati Mayor Nancy Binay withdraws from P8.96B subway agreement

Makati City Mayor Nancy Binay has criticized an P8.96 billion agreement signed by her sister and predecessor, Abby Binay, with Makati subway contractor Philippine InfraDev Holdings Inc., calling it a 'midnight settlement' that lacks transparency.

On Tuesday, July 8, the city's legal officer announced that the current administration will withdraw from the settlement agreement and instructed the city government to vacate it before the SIAC-imposed deadline of Friday, July 11.

Abby Binay-Campos defended the arbitration deal with Philippine InfraDev Holdings Inc., stating that once concluded, Makati would acquire full control over the project with a net value of $1.6 billion free of liabilities and including land assets for a payment of $160 million.

The new administration has authorized the formation of a fact-finding committee to review all public-private partnership projects for transparency and potential anomalies, including the Makati Subway Project and other initiatives under Abby's term.

Makati City's remaining budget from July to December 2025 is P8.4 billion, which falls short of the required settlement amount of P11.3 billion, including penalty interest and liquidated damages.