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Subway Construction to Start in Q4

by Philippine Resources - April 29, 2021

Excavation work to pave the way for the country's first subway line will begin later this year, according to a transportation official.

Two of the 25 tunnel boring machines needed for the Metro Manila Subway Project have arrived in the region, according to Transportation Undersecretary Timothy John Batan. The first phase of the project, which includes stations in East Valenzuela, Quirino Highway, Tandang Sora Avenue, and North Avenue, could be finished by 2023 or 2024, according to him.

"We are expecting to start excavation by the 4th quarter of this year and that is going to start from our depot in Valenzuela heading southwards into Tandang Sora and eventually into North Avenue," Batan said.

Site clearance activities, comprehensive infrastructure plans, and other arrangements were carried out after the groundbreaking ceremony in February 2019. The Philippine Railway Institute, which will train railway workers, is expected to open in 2022, according to Batan. By 2025 or 2026, the entire 34-kilometre line with 17 stations could be finished.

Batan affirmed that the mega-underground project's building work would have negligible effects on traffic.

"During construction, there will be some disruption," he said. "There will be some traffic control measures that will be installed, but that's it."

The subway will also link to the North-South Commuter Railway, which will take riders as far as Laguna province, according to the undersecretary.

"They will be physically interconnected," explained Batan. "Meaning, trains coming from underground in the subway will start emerging between FTI and Bicutan stations and can bring passengers all the way to the Calamba station of the North-South Commuter Rail."

The subway network costs 356.97 billion dollars and is funded by Japan's Official Development Assistance (ODA).

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Philippine Infradev Holdings Inc. announced that it had signed new agreements for the funding and acquisition of lots for the $3.7 billion Makati City Subway Project. In a filing with the stock exchange, Philippine Infradev said Makati City Subway Inc. had signed a term sheet agreement with Richer Today Inc. (RTI) to create a joint venture company that would finance and acquire lots in and around Manila. RTI agreed to release at least P775.885 million within 120 days of signing the term sheet, with at least P234.73 million to be released within 10 days of signing, according to the group. “Station 5 has been identified as the main construction site where the tunnel boring machines will be assembled and lowered,” Philippine Infradev said. According to the company, the first group of engineers from its Chinese contractor had arrived and were finalizing construction plans. The 10-station train system runs for ten kilometres and makes stops at strategic locations in Makati. Meanwhile, the company announced that it had reached an agreement with Hong Kong Binjiang Industrial Limited to mutually terminate MSCI's share purchase agreement. “It has been almost 1 year since the transactions contemplated in the agreement were submitted to the Philippine Competition Commission for approval, and to date, the same is still pending review,” the company said. “The effectivity of the transactions contemplated in the agreement, specifically the release of funds earmarked by HK Binjiang, was conditioned on the PCC’s approval of the transactions.” In February 2020, MSCI signed an investment agreement with HK Binjiang which will gain a 35-per cent direct interest in MCSI under the terms of the agreement by purchasing 15 million common shares for $30 million, payable within 10 business days of the agreement's effective date. For $72 million, HK Binjiang will purchase 36 million primary common shares of MCSI. The proposed 10-kilometre subway project will connect key locations in Makati, including Ayala Avenue's central business district, Makati City Hall, the Poblacion Heritage Site, the University of Makati, the Ospital ng Makati, and other new neighbourhoods. By 2024 or 2025, the project is expected to be finished.

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Philippine Resources - May 07, 2021

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AC Energy (ACEN) is operating on approximately 12 gigawatts (GW) of renewable energy (RE) projects, more than double its goal of five GW for 2025, as it strives to become Southeast Asia's largest listed RE network. At COL Financial's briefing, ACEN President and CEO Eric Francia said the 12GW of projects placed the Ayala-led company in a fantastic position to achieve its long-term goals. Solar and wind platforms will make up the majority of the projects it plans to begin in 2021. With 5,200 megawatts (MW), Australia leads the way, followed by the Philippines with 3,400MW, Vietnam with 2,400MW, and India and other Asia-Pacific countries with 900MW. 1,000MW of the 12GW projects in the pipeline are expected to reach financial close in the next six to twelve months, bringing the company more than halfway to its target. By the end of the year, ACEN hopes to obtain regulatory clearance for the influx of foreign funds. The Ayala Group's power arm is maintaining a follow-on offering (FOO) until Friday, with shares priced at Php6.50 per share. “We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book-building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” Francia said in a statement disclosed to the Philippine Stock Exchange. The FOO is part of a five-step effort by the company to generate Php30 billion for clean energy programs this year. “The FOO completes the company’s successful fundraising efforts this year and allows it to play a meaningful role in the green-led recovery,” Francia added.

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