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GMA Network
10-07-2025
- Politics
- GMA Network
Abby Binay says sister Nancy out to smear her legacy amid Makati subway issue
Former Makati mayor Abby Binay-Campos expressed belief Thursday that her successor and sister, Mayor Nancy Binay, raised questions regarding the Makati Subway System project to undermine her legacy in the city. Nancy, a former senator, has flagged a supposed "midnight settlement" that the previous city administration under Abby entered seven days before the end of its term. The deal obligated the city to pay P8.96 billion to the private partner Philippine InfraDev Holdings, Inc. At a press conference on Thursday, Abby reiterated that the Makati City government has sufficient funds to pay the $160 million award that the Singapore International Arbitration Centre (SIAC) may give in favor of Infradev without cutting benefits for residents. "Talagang iniisip kong mabuti, ano bang mapapala kung ilalabas ito? Kasi kung tutuusin, puwede naman na i-withdraw nila 'yung settlement agreement na hindi nila kailangan ilabas because technically confidential nga 'yung negotiations. It is really para siraan ako," the former mayor said. (I was really thinking, what could she benefit of publicizing it? They could've just withdrawn from the settlement agreement and no longer release it to the public because after all, the negotiations are technically confidential. It is really to defame me.) "Bakit kailangan pang ilabas? I can only think of one thing: It is really to undermine my legacy, 'yung nine years na tinrabaho ko bilang mayor na maayos 'yung pagpapatakbo ko sa Makati. Other than that, 'yun lang 'yung naiisip ko," she added. (Why does this information need to be publicized? I can only think of one thing: It is really to undermine my legacy, the nine years I worked as mayor and governed Makati well. Other than that, that's all I can think of.) GMA News Online sought a comment from Mayor Nancy Binay, but she has yet to respond as of posting time. Abby also hinted about possible political plans in 2028 as she told her sister through the same press conference: "Parating pa lang tayo sa exciting part. Mga three years, mag-antay siya." (We're just getting to the exciting part. She has to wait for three years.) In the 2025 midterm elections, Abby ran for the Senate but landed in 15th place outside the so-called Magic 12. Nancy, meanwhile, won the mayoral race in Makati, after serving her second and final term as senator. Mending fences Asked for the chances of reconciliation among Binay family members, Abby said, "All in God's time. It's not something you can rush." "It's not something that can be fixed overnight. It's something that will be fixed on its own. It has to be both parties, both need fixing. Hindi puwedeng ako lang ang mag-aayos kasi kailangan mag-ayos rin sila (It can't be just me doing the fixing, they should do the fixing, too)… God will be the one to say if it will be fixed, sad for me to say," she added. The Makati Subway System, then envisioned to be a 10-kilometer subway from EDSA-Ayala to Ospital ng Makati, broke ground in 2018. InfraDev and its Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd. Holdings Ltd., and China Harbour Engineering Company Ltd. were awarded the public-private partnership deal to undertake the Makati City Subway project by the Makati City government in 2019. Construction activities, however, were halted in 2022 due to the Supreme Court ruling that placed the jurisdiction of several areas to Taguig City. Following the ruling, Infradev said the Makati Subway System was rendered unviable, with the depot originally set to be located in Barangay Cembo. It also had a planned station in the University of Makati in West Rembo, and another one in Ospital ng Makati in Pembo. — VDV, GMA Integrated News
GMA Network
06-07-2025
- Business
- GMA Network
Makati to take full ownership of subway project
Makati City is set to be given full ownership of the corporate entity established to develop and operate the stalled underground train system in the city as part of proceedings with the Singapore International Arbitration Centre (SIAC), former Makati mayor Abigail 'Abby' Binay-Campos said over the weekend. According to Binay, the arbitration proceedings are expected to give Makati City full ownership of the Makati City Subway Inc. (MCSI) with a net value of $1.6 billion, free of liabilities and including land assets, after paying $160 million to its public-private partner (PPP). 'It's a win for Makati. It will end years of legal uncertainty and positions Makati to drive the Subway Project forward on its own terms,' she said in a statement released Sunday. To recall, the Makati Subway System, then envisioned to be a 10-kilometer subway from EDSA-Ayala to Ospital ng Makati, broke ground in 2018. Infradev and its Chinese partners Greenland Holdings Group, Jiangsu Provincial Construction Group Co. Ltd. Holdings Ltd., and China Harbour Engineering Company Ltd. were awarded the public-private partnership deal to undertake the Makati City Subway project by the Makati City government in 2019. Construction activities, however, were halted in 2022 due to the Supreme Court ruling that placed the jurisdiction of several areas to Taguig City. The areas transferred to Taguig were Cembo, Comembo, East Rembo, Pembo, Pitogo, Post Proper Northside, Post Proper Southside, Rizal, South Cembo, West Rembo, and Fort Bonifacio. Following the ruling, Philippine Infradev Holdings Inc. said the Makati Subway System was rendered unviable, with the depot originally set to be located in Barangay Cembo. It also had a planned station in the University of Makati in West Rembo, and another one in Ospital ng Makati in Pembo. Philippine Infradev Holdings also sought international arbitration with the SIAC, 'to enable an impartial resolution of the agreement with Makati.' According to Binay, the expected resolution of the arbitration will include Makati having to pay $160 million to the private partner, approximating the actual investment made on the project as determined by auditing firm PricewaterhouseCoopers (PwC). Other terms will then be contained in the award to be issued by the SIAC Tribunal, and declared before the proper regulatory bodies upon its receipt. Binay in May said the city government was in talks with a new domestic partner for the project, which submitted an unsolicited proposal. She ran for the Senate in the May polls, but was unsuccessful to take a spot. Her sister, former Senator Nancy Binay, won the mayoral race in Makati. The Makati Subway project aims to ease traffic congestion in Makati by providing an alternative transport service for up to 700,000 commuters, and to reduce by 270,000 the number of vehicles plying the city. —Jon Viktor Cabuenas/RF, GMA Integrated News
Mint
03-07-2025
- Business
- Mint
Tata Power shares down after $490 million arbitration ruling in favour of Kleros
Tata Power share price fell by more than 2% during Thursday's trading session after the company announced that an arbitral tribunal under the Singapore International Arbitration Centre (SIAC) has ordered it to pay $490.32 million in damages to Kleros Capital Partners. The partial ruling, issued by a majority of 2:1, additionally stipulates that simple interest at a rate of 5.33% per year will be applied from November 30, 2020, until the payment is made. Furthermore, Tata Power is required to cover $8.29 million in legal expenses, with the same interest rate starting from July 1, 2025. The matter involves Kleros Capital Partners Ltd, Tata Power's Russian mining associate, which has asserted that Tata Power violated confidentiality and non-circumvention provisions in their Non-Disclosure Agreement related to a planned coal mining venture in Russia. In a regulatory filing, the company indicated that it is evaluating the decision and might consider legal avenues to contest it.
