Philippine Infradev COO claims Makati Subway Project 'not very affected', that 'project will still continue'
Philippine Infradev [INFRA 0.57, up 9.6%] [link] COO Georgina Monsod gave an interview with Hitoshi Iemura of Global Strategy Real Estate that was posted on Youtube on Nov. 28, 2023, where she spoke about the September court decision that altered the land distribution between Taguig and Makati, and about how that might impact INFRA’s crown jewel project, the Makati City Subway. This interview appears to have happened nearly three months after the court decision and the INFRA disclosure where the company stated that the “alignment of the subway will no longer be feasible” due to several stations now belonging to Taguig. In the interview, Mr. Iemura asks plainly, “What’s going on with the Makati City Subway project construction? How will you proceed?” Ms. Monsod responds that they are “undergoing some reviews”, but assures Mr. Iemura that “we are not very affected” and that “the project will still continue”. Later in the interview, Ms. Monsod says that they’re “looking at another plan”, and then vaguely notes that they might “look at modernizing the project”. Even stranger was the comment that INFRA is “looking at maybe another plan for another form of subway, another form of transportation, but still the rail.”
