The Board of Directors of Philippine Infradev Holdings Inc. has determined that continuing with the Makati City Subway Project under the Joint Venture Agreement (JVA) with the Makati City Government is no longer economically or operationally viable.
This decision follows the Philippine Supreme Court’s ruling that places key subway stations and the planned depot within the jurisdiction of Taguig City, rather than Makati City.
In light of this development, Philippine Infradev has initiated arbitration proceedings with the Singapore International Arbitration Centre to pursue a fair and impartial resolution of the JVA.
