Megawide Construction Corp. announced on Wednesday it has received a notice of award to build two underground stations for the Metro Manila Subway.
In a regulatory filing, the company said the Department of Transportation (DOTr) awarded Contract Package 104 to its joint venture with Tokyu Construction Co., Ltd. and Tobishima Corp.
This includes the construction of Ortigas North and Ortigas South stations and tunnel works.
The company said it would “provide more information upon the execution of the contract for the project between DOTr and the Tokyu-Tobishima-Megawide joint venture.”
The subway project, which is slated for full operations by 2027, spans 36 kilometers and is designed to have 17 stations linking Pasig, Makati, Taguig, Parañaque, Pasay and Quezon City.
Serving about 370,000 passengers daily, it is expected to cut travel time between Valenzuela and Pasay to 45 minutes.
In February, the Department of Finance secured a P112.9-billion project funding from the Japan International Cooperation Agency (Jica). It is payable in 27 years with a grace period of 13 years.
Jica is set to fund 76 percent of the project via a P370.8-billion loan package.
The remaining 24 percent of the project cost, P117.7 billion, will be paid for by the Philippine government.
The DOTr previously said the Metro Manila Subway would be linked to the North-South Commuter Railway System, a 147-km railway project that seeks to cut the travel time from Pampanga to Laguna by half.