The City Government of Makati in the Philippines has signed a joint venture agreement with Philippine Infradev Holdings, Inc. (formerly IRC Properties, Inc.) for the development of the city’s first subway project.

The US$3.5 billion Makati City Subway, to be known as MkTr, will traverse through the current Central Business District along Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati, Ospital ng Makati and the other new business districts within the city.

The proposed intracity subway will have air-conditioned underground island stations and can accommodate up to 700,000 passengers per day with its up to six car trains, with room for over 200 persons per car. The project will be linked to other ass transport systems such as the Metro Rail Transit (MRT), Pasig River ferry, and the JICA-funded Metro Manila Subway project. 

PH Infradev Holdings has submitted the US$350 million performance bond for the project. The performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations specified in the contract. The project is expected to be operational by 2025.