Makati Subway Project No Longer Feasible due to SC Ruling

In a PSE Disclosure dated 2 May 2025, the Board of Directors of Philippine Infradev Holdings Inc. (INFRA) has resolved that continuing with the Makati City Subway Project under the Joint Venture Agreement (JVA) with the Makati City Government was rendered no longer economically and operationally feasible due primarily to the Philippine Supreme Court's decision declaring some subway stations and depot to be under the jurisdiction of Taguig City instead of the Makati City.

Arbitration proceedings have thus been commenced with the Singapore International Arbitration Centre to enable an impartial resolution of the JVA with the Makati City.

Philippine Infradev Holdings Inc. (INFRA), formerly IRC Properties, Inc., was incorporated on February 24, 1975 primarily to engage in the acquisition, reclamation, development or exploration of land, forests, minerals, oil, gas, and other resources. The Company initially ventured in oil exploration activities and drilled two wells in Southern Mindoro and the Sulu Sea areas.

In 2013, the Securities and Exchange Commission (SEC) approved the change in corporate name to IRC Properties, Inc. as well as the change in the primary purpose and declassification of stock. INFRA again moved to change its corporate name to the present one as well as its primary purpose, which the SEC approved on October 30, 2018. The Company’s primary purpose was changed from real estate development to that of a holding company engaged in infrastructure and real estate development through its subsidiaries and affiliates.

INFRA has three wholly-owned subsidiaries, namely Interport Development Corporation, Makati City Subway, Inc., and Jiangsu Rizal Infradev Co., Ltd.