Author Archive

PH invites N. American companies to grab PPP investment opportunities

PRESS RELEASE

21 October 2014

 
After encouraging foreign companies in Europe, Singapore, and Japan to invest in the Public-Private Partnership (PPP) opportunities of the country, the government staged an investment roadshow in North America showcasing the various PPP projects in the pipeline.

The PPP Center in cooperation with Philippine Embassies and Consulates in Toronto and Montreal, Canada and New York and Washington DC, USA promoted the PPP Program to the North American market.

After being pitched of the pipeline of more than (fifty) 50 PPP projects with an estimated cost of 20.82 billion US dollars, the participating companies were impressed of the diverse investment opportunities in the country. The roadshow attendees have expressed their interest to engage in the PPP program either as bidders, funders, operators, sub-contractors, or as consultants, among others.

Meetings with potential investors in Canada
The roadshow started with a series of one-on-one meetings with potential investors in Toronto and Montreal last October 14 to 15. Executive Director Cosette V. Canilao discussed with various companies and organizations the Philippines’ PPP Program and projects.

In Toronto, Canilao also met with Canadian Council for PPP (CCPPP) to talk about the role of the private sector in supporting PPPs in Canada. The Council is a non-partisan, non-governmental organization that is a proponent of evidence-based public policy in support of P3s. It facilitates the adoption of international best practices, and educates stakeholders and the community on the economic and social benefits of PPP.

She also had a teleconference with P3 Canada, which may be considered as the PPP Center’s Canadian counterpart. P3 Canada, a federal Crown corporation, provides expertise and advice in assessing and executing PPP opportunities at the federal level. P3 Canada officials and Executive Director Canilao exchanged best practices and country experiences in implementing PPPs and in other areas such as strengthening of the legal and regulatory frameworks and capacity building.

Canilao also had a meeting with Manulife Capital, C&I Constructive Edge, and Ontario Municipal Employees Retirement System (OMERS) to discuss the current investment opportunities in the Philippines.

The next stop of the PPP investments roadshow was Montreal, Canada. On October 15, the PPP Center head met the officials of Caisse de depot et placement du Quebec (CDPQ) and one of Canada’s largest pension investment managers, PSP investments.

Manulife, OMERS, CDPQ, and PSP Investments are keen on assessing possible areas of investment in infrastructure and PPPs most likely through partnerships with local players.

PPP Forum and the US-ASEAN Business Council Meeting
After Canada, the investments roadshow continued in New York and Washington DC. Two fora were set in both cities, both focused on PPP infrastructure investment opportunities in the Philippines.

Over forty (40) participants joined the Forum on PPP Infrastructure Projects in the Philippines: Opportunities for US Investors at the Kalayaan Hall of Philippine Center in New York. Following her presentation on PPP investment opportunities, Executive Director Canilao answered some questions from the audience with Consul General Mario Lopez de Leon, Jr. of the Philippine Consulate office in New York. She also entertained one-on-one meetings with possible investors.

Companies she met with in New York City include UTC-RAS and Globe Connect, Eisner Amper, and Blackrock, a leading global asset manager with offices in North and South America, Europe, Asia Pacific and others. Most of these companies have expressed their interest in vying for the country’s big-ticket PPP projects.

In Washington, CGLA organized a forum on PPP Infrastructure Opportunities held at the Philippine Embassy in Washington DC. Assistant Secretary Arun Kumar of the US Department of Commerce, in his opening remarks, emphasized the need to strengthen the network between American and Philippine companies to increase participation of US companies in our country’s infrastructure supply chain. Post-forum one-on-one meetings with Hill International, Parsons, Tetra Tech and San Jose Construction also took place. In the forum, participants also had the chance to inquire about the country’s PPP program through the question and answer sessions and one-on-one meetings.

Before the CGLA Forum, Canilao had a private meeting with the US Department of Commerce Assistant Secretary and other representatives from the US Department of Transportation, US Trade and Development Agency and Export-Import Bank of the United States.

One of the highlights in the North America PPP Investments Roadshow was the roundtable discussion between Executive Director Canilao, Philippine Ambassador to the United States, Hon. Jose L. Cuisia, and members of the US-ASEAN Business Council. These include companies such as IBM, GE, UL, PACCAR, 3M, Autodesk, Bechtel, Caterpillar, and Medtronic, in Washington DC.

The North America Investment Roadshow is part of the government’s efforts to encourage more foreign players to invest in the country’s PPPs especially that there is now a steady deal flow of investment opportunities and the country’s credit ratings are at an all-time high, as evidenced by major international rating agencies’ successive upgrades.
 

5 groups seek bids for P24.4-B Bulacan bulk water supply project

The Philippine Star, 21 October 2014

By Czeriza Valencia

 
MANILA, Philippines – At least five consortiums yesterday applied to prequalify to bid for the P24.4-billion Bulacan Bulk Water supply project rolled out by the Metropolitan Waterworks and Sewerage System (MWSS) under the government’s Public-Private Partnership program.

MWSS administrator Gerry Esquivel identified the consortiums that submitted prequalification documents at the MWSS corporate office as: First Philippine Holdings and Abeima; Filinvest Development Corp. and Aqua; San Miguel Corp. and Korea Water Resources; Manila Water and Team Polaris; and Prime Water Infrastructure Corp. and Alloy Water.

Esquivel said the consortiums qualified for the actual project bidding would be known in 10 to 15 days, after which they would be invited to submit bids.

The Bulacan bulk water project aims to address the water supply requirements of 22 municipalities in the province of Bulacan while minimizing ground water extraction which has adverse impact to the environment.

The project intends to supply treated bulk water to water districts in the province through the construction, operation and maintenance of facilities for treatment and conveyance of treated water.

The contract for the project would be awarded through a competitive public bidding using performance or output-based approach in accordance to the revised build-operate-and-transfer law.

The project would be executed with the MWSS under a 30-year build-operate-transfer contract.

The MWWS is also inviting to apply for prequalification parties interested to design, finance and construct the dam and raw water conveyance structure for the New Centenial Water Source-Kaliwa Dam Project (NCWS-KDP).

The projects is meant to increase raw water supply in Metro Manila to meet demand for potable water in the future and to reduce dependence on the Angat Dam reservoir.

Interested parties may procure prequalification documents until Nov. 3 from the Prequalification, Bids and Awards Committee Secretariat Office at the MWSS corporate office in Quezon City.

Prequalification applicants should file their applications not later than 12 noon of Nov. 17.
 

Six firms bidding for Bulacan water

Manila Standard Today, 20 October 2014

By Jenniffer B. Austria

 
Six groups, consisting of major conglomerates and foreign partners, have submitted bids for the P24.4-billion Bulacan bulk water project of state-owned Metropolitan Waterworks and Sewerage System.

MWSS said the six bidders included Marubeni Corp. of Japan, the consortium of San Miguel Corp. and Korea Water Resources Corp., joint venture of Lopez-owned First Philippine Holdings and Abeima of Spain, Filinvest-Agua consortium, Team Polaris of Manila Water Co. Inc. and Villar-owned Prime Alloy Water Consortium.

Under the rules, the MWSS’ technical working group will review the pre-qualified bids and announce the winning offer after 20 days.

Fifteen local and foreign companies earlier bought pre-qualification documents from MWSS for the Bulacan bulk water project.

Sources said Maynilad Water Services Inc. and Aboitiz Equity Ventures, which earlier bought pre-qualification documents, did not submit bids for the project.

The BBWSP aims to address the water supply requirements of Bulacan towns, thereby reducing groundwater extraction and use of deep wells which are being discouraged due to adverse environmental impact.

The project involves the construction of treated water transmission mains, water treatment plants and ancilliary facilities, construction of treated water reservoirs and pumping stations, and installation of flow metering devices from water treatment plants, pumping stations and transmission branch points to agreed delivery points.

Among the municipalities in Bulacan that will benefit from the project are Marilao, Balagtas, Obando, Meycauayan, San Jose and Bocaue.
 

All transport PPP deals rolled out by 2016 — Abaya

Business World, 20 October 2014

By C.J.V. Dela Paz

 
ALL TRANSPORT projects in the public-private partnership (PPP) program pipeline are targeted to be rolled out within the administration of President Benigno S. C. Aquino III to help the next management “jump-start the deals,” a Cabinet official said.

Transportation Secretary Joseph Emilio A. Abaya told reporters on the sidelines of an event in Pasay City that he is confident that all PPP projects under his department will be rolled out before Mr. Aquino steps down by mid-2016.

“Yes, I am confident. In fact, during one of my conversations with the President, we agreed that at the very least, we’ll make it easy for the guys who will replace us by getting NEDA (National Economic and Development Authority) Board approval, start with the reclamation and invite bidders for all transport PPPs,” Mr. Abaya replied when asked if all his agency’s PPP projects will be rolled out within the Aquino administration’s term.

Of the 27 transport projects included in the PPP pipeline, only three have been awarded and three have been rolled out.

The three PPP projects that have been awarded so far are: the P64.9-billion Light Rail Transit Line 1 (LRT-1) Cavite Extension; the P1.72-billion Automatic Fare Collection System; and the P17.52-billion Mactan-Cebu International Airport Passenger Terminal Building.

For the P63.14-billion Metro Rail Transit Line 7 (MRT-7), which is also in the PPP pipeline, the winning concessionaire San Miguel Corp.-backed Universal LRT Corp. Ltd. just needs to do financial closure before it can start with the construction of the deal.

Meanwhile, the three PPP projects that have been rolled out are the P2.50-billion Integrated Transport System (ITS) Project-Southwest Terminal; P4.50-billion ITS Project-South Terminal; and LRT Line 2 Operations and Maintenance (O&M).

The Department of Transportation and Communications (DoTC) is also mulling the bundling of six PPP gateway projects, which are the P30.40-billion O&M of Iloilo Airport; the P40.57-billion O&M of Davao Airport; the P20.26-billion O&M of Bacolod Airport; the P5.23-billion O&M of Puerto Princesa Airport; the P15.92-billion Laguindingan Airport O&M; and the P2.34-billion Enhanced O&M of the New Bohol (Panglao) Airport.

The NEDA Board on Friday approved the first phases of O&M of the Iloilo, Davao and Bacolod airports, as well as the whole O&M deal for Puerto Princesa. O&M deals for the Laguindingan and Panglao airports were already approved by NEDA Board on June 19.

The NEDA Board last Friday also approved DoTC’s P18.99-billion Davao Sasa Port Modernization Project.

The status of other transport projects under the PPP scheme varies from completing feasibility studies to awaiting for NEDA Board approval.

“Let’s look at the biggest projects… for instance, the new gateway in Sangley, which is around $10 billion. We’ll get NEDA Board approval for this so the transition will be easier,” Mr. Abaya said.
 

Ayala to invest $350M more on power, toll projects

Malaya Business Insight, 21 October 2014

By Reuters

 
Ayala Corp, the Philippines’ oldest industrial conglomerate, will invest an extra $350 million in new power and infrastructure projects in the next three to four years to diversify its income stream, a senior official said.

The new spending will come on top of $1 billion Ayala had already pledged to invest in July 2012 in projects to match the development of the Philippines’ economy, managing director John Eric Francia said.

Francia said total investment could yet be raised above the $1.35 billion now penciled in. Ayala, valued at $9.19 billion by market capitalization, is also keen to bid for airport and railroad projects that Manila will roll out soon under a public-private partnership (PPP) scheme.

“The $1 billion before was an aspirational target. As time goes by, you get to actually act on specific opportunities,” Francia said. “Hopefully in the next months, we will be able to convert the pipeline into committed projects so we are in the $1.35 billion (area).”

The Philippines needs 900 MW of new power supply before March. Otherwise, it’s set to face rolling brownouts in 2015 in Luzon, home to its manufacturing and booming call centre industries, as well as more than half of its 100 million people.

Francia said Ayala already committed $150 million as equity investment for the 35.4 billion pesos ($789 million) Cavite-Laguna Expressway (CALAX) project. Ayala and partner Aboitiz Equity Ventures Inc submitted what was viewed in the Philippines as the best bid for the project in June, but a contract has yet to be awarded as rival bidder San Miguel Corp questioned the outcome of the tender.

Ayala has won three of the eight PPP projects awarded by the government so far, but is still interested in taking part in more auctions.

Francia said Ayala is looking at new PPP projects like the $2.72 billion Laguna Lakeshore Expressway Dike, the $2.5 billion Integrated Luzon Railway Project and the $542 million Bulacan Bulk Water Supply project. Ayala remains interested in PPP projects despite reports in the Philippines that the government may be considering pulling the CALAX expressway out of its PPP program.

President Aquino on Friday gave authorities the go-ahead to offer for tender P165.6 billion worth of new PPP projects.

Since launching the infrastructure program in 2010, the government has awarded eight PPP projects worth $2.83 billion in line with efforts to upgrade ageing roads, airports and ports.
 

Ayala sets $350M for power and infra

Manila Bulletin, 20 October 2014

By Reuters

 
Ayala Corporation, the country’s oldest industrial conglomerate, will invest an extra $350 million in new power and infrastructure projects in the next three to four years to diversify its income stream, a senior official told Reuters.

The new spending will come on top of $1 billion Ayala had already pledged to invest in July, 2012 in projects to match the development of the Philippines’ economy, Managing Director John Eric Francia said in an interview on Saturday.

Francia said total investment could yet be raised above the $1.35 billion now pencilled in. Ayala, valued at $9.19 billion by market capitalization, is also keen to bid for airport and railroad projects that Manila will roll out soon under a public-private partnership (PPP) scheme.

“The $1 billion before was an aspirational target. As time goes by, you get to actually act on specific opportunities,” Francia said. “Hopefully in the next months, we will be able to convert the pipeline into committed projects so we are in the $1.35 billion (area).”

Southeast Asia’s fifth largest economy needs 900 MW of new power supply before March. Otherwise, it’s set to face rolling brownouts in 2015 on the main Luzon Island – home to its manufacturing and booming call center industries, as well as more than half of its 100 million people.

Francia said Ayala already committed $150 million as equity investment for the 35.4 billion pesos ($789 million) Cavite-Laguna Expressway (CALAX) project. Ayala and partner Aboitiz Equity Ventures Inc. submitted what was viewed in the Philippines as the best bid for the project in June, but a contract has yet to be awarded as rival bidder San Miguel Corp. questioned the outcome of the tender.

Ayala has won three of the eight PPP projects awarded by the government so far, but is still interested in taking part in more auctions.

Francia said Ayala is looking at new PPP projects like the $2.72 billion Laguna Lakeshore Expressway Dike, the $2.5-billion Integrated Luzon Railway Project and the $542-million Bulacan Bulk Water Supply project. Ayala remains interested in PPP projects despite reports in the Philippines that the government may be considering pulling the CALAX expressway out of its PPP program.

Philippine President Benigno Aquino on Friday gave authorities the go-ahead to offer for tender 165.6 billion pesos ($3.7 billion) worth of new PPP projects.

Since launching the infrastructure program in 2010, the government has awarded eight PPP projects worth $2.83 billion in line with efforts to upgrade ageing roads, airports and ports.
 

Ayala to invest $350-M more on power, toll road projects – exec

ABS-CBN News, 20 October 2014

By Neil Jerome Morales, Reuters

 
MANILA – Ayala Corp., the Philippines’ oldest industrial conglomerate, will invest an extra $350 million in new power and infrastructure projects in the next three to four years to diversify its income stream, a senior official told Reuters.

The new spending will come on top of $1 billion Ayala had already pledged to invest in July 2012 in projects to match the development of the Philippines’ economy, Managing Director John Eric Francia said in an interview on Saturday.

Francia said total investment could yet be raised above the $1.35 billion now penciled in. Ayala, valued at $9.19 billion by market capitalization, is also keen to bid for airport and railroad projects that Manila will roll out soon under a public-private partnership (PPP) scheme.

“The $1 billion before was an aspirational target. As time goes by, you get to actually act on specific opportunities,” Francia said.

“Hopefully in the next months, we will be able to convert the pipeline into committed projects so we are in the $1.35 billion (area).”

Southeast Asia’s fifth largest economy needs 900 MW of new power supply before March. Otherwise, it’s set to face rolling brownouts in 2015 on the main Luzon Island – home to its manufacturing and booming call center industries, as well as more than half of its 100 million people.

Francia said Ayala already committed $150 million as equity investment for the 35.4 billion pesos ($789 million) Cavite-Laguna Expressway (CALAX) project. Ayala and partner Aboitiz Equity Ventures Inc. submitted what was viewed in the Philippines as the best bid for the project in June, but a contract has yet to be awarded as rival bidder San Miguel Corp. questioned the outcome of the tender.

Ayala has won three of the eight PPP projects awarded by the government so far, but is still interested in taking part in more auctions.

Francia said Ayala is looking at new PPP projects like the $2.72 billion Laguna Lakeshore Expressway Dike, the $2.5 billion Integrated Luzon Railway Project and the $542 million Bulacan Bulk Water Supply project. Ayala remains interested in PPP projects despite reports in the Philippines that the government may be considering pulling the CALAX expressway out of its PPP program.

Philippine President Benigno Aquino on Friday gave authorities the go-ahead to offer for tender P165.6 billion ($3.7 billion) worth of new PPP projects.

Since launching the infrastructure program in 2010, the government has awarded eight PPP projects worth $2.83 billion in line with efforts to upgrade ageing roads, airports and ports.
 

DOTC wants integrated transport project started

Philippine Daily Inquirer, 20 October 2014

By Miguel R. Camus

 
The Department of Transportation and Communications (DOTC) wants to move forward with its Integrated Transport System public private partnerships deals, which have been delayed partly due to questions on their impact on regulations to govern public vehicles that will use them.

In line with this, Transportation Secretary Joseph Abaya said his department was holding talks with the Department of Finance, which was “concerned” about whether DOTC should guarantee the franchise modifications of these operators.

The ITS system was designed to create intermodal hubs where provincial buses would disembark passengers to transfer to other in-city modes of transport such as rail lines, city buses and UV Express vans. The move was also aimed at easing congestion in Metro Manila.

To do this, the franchise should be modified so these public vehicle operators would use the ITS projects, Abaya said.

“From my end, it should [be modified]. If not, it will affect its viability,” Abaya said.

“I think LTFRB [Land Transportation Franchising and Regulatory Board] has the power to do that. And we should commit to that, otherwise, who will bid?” Abaya said.

The DOTC is currently seeking bidders for two ITS projects, one is the P2.5-billion ITS Southwest located near Manila-Cavite Expressway and the P4-billion ITS-South, near the Food Terminal Inc. compound in Taguig. A third ITS project is being planned for the northern part of Metro Manila but the DOTC has yet to decide on the location.

The DOTC extended the qualification deadline for the ITS-South project to Nov. 4, a bid bulletin showed on Oct. 17.

For the ITS-Southwest deal, the transport department is hoping to finish the concession agreement this month, which would place the bid submission date around November this year, PPP Center executive director Cosette Canilao said earlier.

Among the prospective bidders for the ITS-Southwest deal are Ayala Corp., San Miguel Corp., Metro Pacific Investments Corp. and Robinsons Land. Meanwhile, five groups, including San Miguel Corp. and Ayala Land Inc.

The ITS-Southwest PPP bid invite was first published in December 27, 2013 while the ITS-South deal was rolled out on Aug. 1, 2014.
 

DOTC study: TriNoma ‘slightly better’ site for common station

The Manila Times, 19 October 2014

By Rosalie C. Periabras

 
TRINOMA is the “slightly better” location. That is the result of an initial study conducted by a Japanese group hired by the Department of Transportation and Communications (DOTC) to look into the contentious issue of where the common station for the proposed Metro Rail Transit Line-7 (MRT-7) should be built.

“We’ve hired a Japanese group to conduct a study. Initial study showed: slightly better with TriNoma, so we presented that to them,” DOTC Secretary Joseph Emilio Abaya told reporters, referring to Universal LRT, the San Miguel Corp.-backed consortium that won the contract to build MRT 7.

“We have yet to get back to them. Is this efficient, would it need to be further studied? We’re at that stage,” Abaya said.

The DOTC chief did not identify the Japanese group.

DOTC wants to have the common station located at the TriNoma Mall which is owned by the Ayala Group, but this is being contested by the SM Group, which argues that it signed a memorandum of agreement with the government in 2009 to locate the proposed common station in front of SM City North EDSA.

In August, Metro Pacific Investments Corp. (MPIC) said it was neutral on the issue of where to locate the common station for Light Rail Transit Line 1, Metro Rail Transit (MRT) Line 3, and the future MRT 7.

MPIC and Ayala Corp. lead the Light Rail Manila Consortium (LRMC), which bagged the contract for the P65-billion LRT-1 Cavite Extension Project (Cavex).
“We are agnostic on where it is located. It’s either SM or TriNoma or somewhere in between. We are just interested in the train system,” MPIC chairman Manuel Pangilinan said.

He affirmed that they are open to both options. “We’re not in real estate so if they tell us to move there, then we will move.”

Earlier, the Supreme Court issued a temporary restraining order (TRO) stopping the government from transferring the location of the proposed common station from the original site in front of SM City North EDSA to TriNoma Mall, which is owned by MPIC partner the Ayala Group.

The Supreme Court’s TRO reinforces SM Prime Holding Inc.’s position in the case for Specific Performance of SM Prime and LRTA’s Memorandum of Agreement (MOA) dated September 29, 2009. The case is now pending before the Regional Trial Court of Pasay City.

SM Prime filed a lawsuit against the government for changing the location of the common station to benefit a rival mall. It said it had an existing agreement with the government to build the common station for the three rail lines in front of SM North EDSA.

The government denied that it violated the 2009 agreement between SM Prime and the DOTC, which oversees LRTA. It claimed that SM Prime’s naming rights over the project expired in 2011, even as it argued further that the new location would benefit more commuters.

The P1.4-billion Common Station is part of LRT’s North Extension Project which is expected to help alleviate the public transport shortage in Metro Manila.

LRT 1 currently runs from Baclaran to Roosevelt in Quezon City, while MRT 3 runs from North Avenue in Quezon City to Taft Avenue in Pasay City.

The planned MRT 7 will begin at Tala, Caloocan City, passing through Lagro, Fairview, Novaliches, Batasan, Diliman, and Philcoa, before ending at the planned common station at EDSA and North Avenue. The railway will serve an estimated two million commuters in the northern parts of Quezon City and Caloocan City.

Light Rail Manila Consortium, the lone bidder for the LRT 1 Cavex project, had offered to pay the government a concession premium of P9.35 billion for the right to build, operate, and manage the new rail line.

The consortium is made up of Metro Pacific’s Light Rail Corp. with a 55-percent share; Ayala Corp.’s AC Infrastructure Holdings with 35 percent; and Macquarie Infrastructure Holdings Pte. Ltd. with 10 percent.

Already approved by the National Economic and Development Authority (NEDA), is the biggest infrastructure project under the government’s Public-Private Partnership (PPP) program.

The Cavite or South Extension Project will extend the existing LRT Line 1, which covers 21 stations from Roosevelt Avenue in Quezon City to Baclaran in Pasay City. The Cavex will extend the service line by 11.7 kilometers, covering 10 more stations that will pass through the cities of Parañaque and Las Piñas up to Bacoor, Cavite.

“We are partners with them,” Pangilinan said, referring to the Ayala and SM groups. “The SM Group is with us in the tollways and the Ayalas are in the LRT 1 and single ticketing system, so we are neutral,” he said.
 

DOTC to push P135-B subway mass transit system

Manila Bulletin, 18 October 2014

By Kris Bayos

 
The government said it will push through with its plan to build the country’s first subway.

Transportation Secretary Joseph Emilio Abaya said the government will continue to build the P135-billion Mass Transit System Loop even if private members of the Manila Golf and Country Club do not cooperate.

“At the end of the day, we see the benefit of the project. If they don’t want (us to build underground), then we need to expropriate the ground underneath,” Abaya said.

To recall, officials of the Department of Transportation and Communications (DOTC) were reportedly in talks with the members of the Manila Golf and Country Club for the possibility of constructing the subway underneath the 43-hectare 18-hole golf course.

But as of press time, Abaya said they have yet to hear Club’s position on the proposal to build a 12-kilometer underground railway envisioned to connect the busy districts of Bonifacio Global City in Taguig to the Central Business District of Makati City, and the SM Mall of Asia Complex in Pasay City.

Although the government has two options for the route of the subway system, the route commencing at 26th St. is considered the most ideal route so that the subway can proceed to Ayala Avenue in a straight line.

But pursuing that route would mean that the subway would pass through McKinley St. and necessarily pass underneath the Manila Golf Club. Meanwhile, the route commencing at 32nd Street and passing through Kalayaan Avenue is not ideal since the subway will have to make turns to reach Ayala Avenue.

“It’s a viable project and we want to do it,” Abaya stressed out. “Hopefully, they (Manila Golf Club owners) understand. We could show that there is technology around such that your potting is not affected.”

Abaya said the feasibility study for the project is not yet finished pending the final route but said that they are hopeful to present the study to the National Economic and Development Authority (NEDA) for approval within the year.

The country’s first subway system has two proposed routes. The first option starts at 26th Street and will have stations at Market! Market!, McKinley Parkway, 5th Ave., Ayala/EDSA, Ayala Triangle, Makati Post Office, PNR Buendia, Buendia/Taft Ave., World Trade Center, Mall of Asia, and EDSA/Taft Ave.