Nancy Binay Blasts P8.96-B ‘Midnight Deal’ on Scrapped Makati Subway!“Lungsod, ilulubog sa utang!” warns new mayor

Mayor Nancy Binay is up in arms over a shocking ₱8.96-B settlement quietly signed by her sister’s administration just days before stepping down — a deal she says could cripple the city’s finances.

The last-minute agreement with Philippine Infradev Holdings Inc. — the private contractor behind the now-junked Makati Subway Project — was approved on June 20 and signed June 23, barely a week before former Mayor Abby Binay-Campos left office.

Binay said the city is now being forced to pay up within 90 days of a ruling from the Singapore International Arbitration Center (SIAC) — or face a whopping $30 million fine, plus interest!

“Kung ibaba ng SIAC ang kasunduang ito, ilulubog sa utang ang Makati!” Binay declared. “Wala po sa budget ang halos ₱9 bilyong pambayad. Malinaw na lugi ang lungsod.”

A July 3 budget certification confirmed what Binay feared: no funds are allocated for the deal in the 2025 city budget.

What’s worse, Binay says there was no public consultation, no budget clearance, and no proper turnover when the deal was signed.

“Ni hindi kami na-inform. Midnight deal ito!” she fumed. “Hindi natin papayagan ang ganitong klaseng kasunduan na tahasang dehado ang lungsod.”

The mayor has now ordered the city’s legal team to file urgent action with SIAC, and vowed to go after those responsible. She’s also issuing an executive order to review all PPP projects under past city leadership.

“Ang mga ganitong galawan, laging taumbayan ang kawawa,” Binay said.

Once hyped as the country’s first intra-city subway, the Makati Subway Project has since been scrapped due to massive legal and financial roadblocks.