Philippine Infradev Holdings Inc. has declined to provide further details on its reported settlement with the Makati City government over the scrapped subway project, citing strict confidentiality rules imposed by an arbitral tribunal in Singapore.
In a disclosure to the Philippine Stock Exchange, the listed firm, which trades under the symbol INFRA, said its dispute with Makati remains under the jurisdiction of the Singapore International Arbitration Centre. Under SIAC rules and governing arbitration laws, all proceedings, submissions and settlement discussions are confidential, the company said.
Infradev added that the Singapore tribunal issued an order last July directing both parties to observe “absolute confidentiality” over matters and documents related to the case. The company filed a USD1.7 billion claim last year, arguing that Makati’s decision not to proceed with the subway as originally structured triggered substantial contractual liabilities.
The project’s unraveling followed a ruling by the Supreme Court in 2023 designating 10 “Embo” barangays as part of Taguig rather than Makati. The planned subway line was set to traverse those villages, complicating the city’s ability to implement the project, which was initiated in 2018.
In January, the Makati City Council approved and ratified a resolution asserting that a newly reached settlement with Infradev was more favorable than a prior compromise proposed by former mayor Abby Binay. Then, newly-elected Mayor Nancy Binay, the former mayor’s elder sister, claimed the settlement will severely undermine the city’s financial capability and plunged it into a crisis. That earlier settlement deal involved a proposed P8.96 billion payment to cover Infradev’s project expenditures in exchange for transferring subway assets to the city.
With arbitration ongoing and details sealed, investors are left parsing disclosures for clues in a high-stakes infrastructure dispute that remains firmly behind closed doors.
