Megawide Secures ₱18 Billion Deal for Portion of the Metro Manila Subway Project

Megawide Construction Corp. was recently awarded a multibillion-peso deal by the Department of Transportation (DOTr) for the construction of a portion of the Metro Manila Subway Project. The major developer has signed Contract Package 104 (CP 104) of the project — which covers the underground stations in Ortigas North and South as well as the connecting tunnels between the two — along with Japan-based companies Tokyu Construction and Tobishima Corporation.

“The project has a contract value of ₱13,261,303,173.01 and ¥11,227,496,171.00 (approximately ₱4.49 billion using the exchange rate as of 4 May 2022), which together will have an aggregate estimated value of ₱17.75 billion,” explained Megawide. The company furthered that this opportunity will assist Megawide’s diversification into rail systems.

“As the joint venture’s Filipino partner, we are honored for the opportunity to once again participate in our country’s infrastructure development. We thank the government for giving priority to this project which will be a gamechanger for the metro’s mass public transportation,” expressed Megawide chairman and CEO Edgar Saavedra.

“Megawide and our partners Tokyu and Tobishima represent expertise, innovation, and commitment in our respective fields and nations, which we believe will be critical to the success of this pioneering venture,” he added. Both Tokyu and Tobisihima have been engaged in multiple big-ticket projects locally and internationally, according to Megawide.

Tokyu Construction Co. Ltd., for instance, played a significant role in the redevelopment of the Tokyo Metro Ginza Line Shibuya Station. Aside from this project, the firm is involved in the development of commercial, institutional, and residential buildings as well as civil engineering works.

Meanwhile, Tobishima Corporation possesses extensive experience in large-scale civil engineering. The company has a wide array of projects including hydroelectric power plants, dams, and railroads, with onshore and offshore projects which are mostly established in South and Southeast Asian nations like Brunei Darussalam, Indonesia, Pakistan, and Myanmar.

The Metro Manila Subway has been regarded as the “Project of the Century,” particularly as it stands to become the country’s first underground mass transit system which is projected to meet international standards. “The subway is a glaring solution in our efforts of leaving a legacy of convenience and comfort to the Filipino people when the Duterte administration steps down in the next couple of weeks,” said Transportation Secretary Arthur Tugade.

The subway — stretching 33 kilometers long from Valenzuela City to the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City — is funded by the Japanese government. Loan assistance amounting to ₱112 billion was signed by the Philippines and Japan earlier in February as part of the second tranche of funding for the project. Around 370,000 passengers per day are expected to be accommodated by the Metro Manila Subway during its first year of operations.

Sources: CNN PH, GMA News