Makati City has enough funds to pay the $160-million award the Singapore International Arbitration Centre (SIAC) may give in favor of Philippine Infradev Holdings Inc. without cutting programs or benefits for residents and employees, former Mayor Abby Binay-Campos said Monday, defending a resolution approved during her final weeks in office.
“Claims that there will be no more funds for services and operations are baseless,” Binay-Campos stressed. “Huwag naman takutin ang Makatizens at mga empleyado. This fearmongering is unwarranted. May pera sa programs for our Makatizens at para sa sahod at benefits ng empleyado. I made sure of that,” she added.
The former mayor pointed out that the $160 million compromise—which took into account Infradev’s actual investments as confirmed by Pricewaterhouse Coopers (PwC)—is a strategic way to shield the city from the firm’s $1.7-billion arbitration claim filed before SIAC.
More importantly, it gives Makati full ownership of Makati City Subway Inc. (MCSI), including its real estate holdings, feasibility studies, and engineering plans. These assets are valued at $1.6 billion and turned over free of liabilities.
“A decision had to be made, otherwise the new administration will be burdened with a protracted, and potentially costly arbitration proceeding,” Binay-Campos explained. “They (new Makati leadership) can cancel the agreement if they want to. All it will take is a new resolution from the City Council. But they should be prepared to take full responsibility.”
The former mayor said her successor and sister, Mayor Nancy Binay-Angeles, can review or revoke the settlement, but warned: “Go ahead. But show Makatizens your brand of service, Ate.”
She slammed allegations that the deal was rushed or a “midnight agreement,” reiterating that it was a calculated move to not only prevent larger losses, but also to substantially raise the city’s assets and provide long-term financial stability. “The compromise was not plucked out of thin air. It took into account actual data and fair valuation principles as confirmed by PwC, an internationally-known audit firm.”
Asserting Makati’s financial strength, she said: “Mas alam ng City Treasurer ang financials ng city. Hindi ng budget officer.”
“I left Makati with nearly P30 billion in cash, consistent revenue increases, and eight straight unmodified COA opinions,” she added. “There’s no appropriation yet because it’s not in the 2025 budget—but it doesn’t mean the city has no money. Just pass a supplemental budget. Walang mababawas na serbisyo.”
