Close  

Infradev submits $350M bond for Makati subway project

/ 09:17 AM July 30, 2019

MANILA, Philippines – The Antonio Tiu-led Philippine Infradev Holdings Inc. has submitted to Makati City the US$350 million performance bond for a 10-kilometer intra-city subway project under the public-private partnership framework, paving the way for the signing of a joint venture agreement on Tuesday.

The Infradev board approved a resolution on the joint venture with the Makati City government in connection with this project.

ADVERTISEMENT

 

Also referred to as a contract bond, a performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract.

The Makati subway system, which is targeted to be completed by 2024 or 2025, is projected to cost US$3.7 billion, including the cost of expropriation, demolition and relocation of structures to be affected by the project.

FEATURED STORIES

Each station is expected to cost US$100 million to build. /gsg

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Infradev, latest news, Makati subway, Philippine Infradev Holdings Inc., Tiu, US350 M bond
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.