Philippine Infradev Holdings Inc said Wednesday that its unit responsible for building the Makati Subway project executed an engineering, procurement and construction deal with China Construction Second Engineering Bureau Co. Ltd.
Its wholly-owned subsidiary Makati City Subway Inc carried out the contract during the 2020 International Fair for Trade in Services, The Belt and Road Overseas Projects in Beijing, China, Philippine Infradev Holdings told the stock exchange.
The contract covers civil works and the mechanical, electrical and plumbing of the project, the company said.
Philippine Infradev Holdings said the direct construction price under the deal was US$1.212 billion.
"The terms of the EPC Contract are made taking into consideration the provisions of the Joint Venture Agreement dated 30 July 2019 between the Company (and the Consortium it represents) and Makati City," the disclosure said.
The 10-station train system spans 10 kilometers with stops in key points around Makati.
Source: Peso Economics
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