Philippine Infradev Executes EPC Contract for Makati Subway Project with China Construction

Makati City Subway Inc. (MCSI), a wholly owned subsidiary of Philippine Infradev Holdings Inc. (PSE: IRC), which is the corporate vehicle to undertake the Makati Subway Project, executed the EPC Contract with China Construction Second Engineering Bureau Co. Ltd. for the project during the 2020 International Fair for Trade in Services, The Belt and Road and Overseas Projects held in Beijing, China.

The EPC Contract covers (i) civil works, and (ii) MEP works (mechanical, electrical, plumbing) of the project.

The direct construction price under the EPC Contract is $1,212,760,000.00 broken down into: (i) $978,600,000.00 for civil works; and, (ii) US$234,160,000.00 for the MEP works.

The terms of the EPC Contract are made taking into consideration the provisions of the Joint Venture Agreement dated 30 July 2019 between Philippine Infradev Holdings (and the Consortium it represents) and Makati City.