Marilyn Cahatol

Article (news)

Andrea Taguines

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/175187488027720220810-makati-brigada-eskwela-GC-8.jpg" style="width:960px" class="fr-fic fr-dib" alt="Former Makati City mayor Abby Binay speaks to the audience during the Brigada Eskwela Kickoff inside the Comembo Elementary School in Makati on August 10, 2022. George Calvelo, ABS-CBN News/File"/><span class="fr-inner" style="text-align:left">Former Makati City mayor Abby Binay speaks to the audience during the Brigada Eskwela Kickoff inside the Comembo Elementary School in Makati on August 10, 2022. <em>George Calvelo, ABS-CBN News/File</em></span></span></span></div><p>MANILA — Former Makati mayor Abby Binay-Campos on Monday slammed allegations that the P8.96 billion settlement deal her administration signed with the private contractor of the stalled Makati Subway project, Philippine Infradev Holdings Inc., was rushed or a “midnight agreement.”</p><p>Over the weekend, her sister, new Makati Mayor Nancy Binay-Angeles, released a statement saying that the previous city administration approved the deal merely seven days before the term of all elected officials ended, and without any public consultation, budget certification, or proper transition transparency.</p><p>“Hindi po natin papayagan ang ganito pong midnight deals and legally-flawed settlement agreements na basta na lamang makalusot, at malinaw na ang pagbabayad ng P8.96 billion para sa settlement ng Makati Subway Project ay grossly disadvantageous to the city government and to the public,” said Binay-Angeles in a statement.</p><p>According to Binay-Angeles, she has already instructed the city&#x27;s law department to prepare the proper documentation to be filed in due course with the Singapore International Arbitration Center (SIAC) to formalize the official position of the new Makati City government. </p><p>She assured Makati residents that all legal remedies will be explored to mitigate the damage and hold responsible parties accountable.</p><p>“We can hardly accept a settlement of this magnitude without transparency, due diligence and legal safeguards. Sa mga ganitong klaseng galawan, laging kawawa ang taumbayan,” she added.</p><p>But in response, Binay-Campos stressed that the deal was a calculated move to not only prevent larger losses after the subway project was derailed due to the transfer of jurisdiction of some barangays from Makati to Taguig.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/spotlight/01/29/24/parang-di-tinadhana-binay-on-stalled-makati-subway-project">&#x27;Parang &#x27;di tinadhana&#x27;: Binay on stalled Makati Subway Project</a></div><p>Binay-Campos pointed out that the $160 million compromise—which took into account Infradev&#x27;s actual investments as confirmed by Pricewaterhouse Coopers (PwC)—is a strategic way to shield the city from the firm&#x27;s $1.7 billion arbitration claim filed before SIAC.</p><p>“The compromise was not plucked out of thin air. It took into account actual data and fair valuation principles as confirmed by PwC, an internationally-known audit firm,” she said.</p><p>“A decision had to be made, otherwise the new administration will be burdened with a protracted, and potentially costly arbitration proceeding. The new Makati leadership can cancel the agreement if they want to. All it will take is a new resolution from the City Council. But they should be prepared to take full responsibility,” added Binay-Campos.</p><p>She also said that this would give Makati full ownership of Makati City Subway Inc. (MCSI), including its real estate holdings, feasibility studies, and engineering plans. These assets are said to be valued at $1.6 billion and turned over free of liabilities.</p><p>“It’s a win for Makati. It will end years of legal uncertainty and positions Makati to drive the Subway Project forward on its own terms,” she said.</p><div> </div><div><strong>PUTTING MAKATI’S FINANCIAL STANDING AT RISK?</strong></div><p>Incumbent mayor Binay-Angeles also raised concern that paying the nearly P9 billion settlement deal with PhilDev, should it win the arbitration case filed before the SIAC, would compromise the city’s financial standing and impact current projects.</p><p>That is as she noted that a certification issued by the City Budget Department on July 3 confirmed that there is no existing appropriation in the 2025 budget to cover the said amount. The deal with PhilDev also imposes an additional $30 million penalty plus interests, if the city fails to meet the 90-day payment deadline.</p><div><a class="fr-green fr-strong" href="https://www.abs-cbn.com/news/business/2025/5/2/makati-subway-project-no-longer-feasible-proponent-1232">Makati subway project no longer feasible: proponent</a></div><p>“Malalagay po sa bingit ng alanganin ang pampinansyal na kalusugan ng ating Lungsod kung sakali mang ibaba ng SIAC ang nasabing settlement agreement… Kahit tayo din po ay nagulat na meron palang inaprubahang resolusyon ang Sangguniang Panlungsod na magkokompromiso sa financial standing ng Lungsod, at lubhang makakaapekto sa mga kasalukuyan nating mga programa&#x27;t proyekto, kasama na rin po dyan ang buong operasyon ng city hall,” she said.</p><p>But her sister countered that the city government has enough funds to settle the row without disrupting programs and services.</p><p>“Claims that there will be no more funds for services and operations are baseless. Huwag naman takutin ang Makatizens at mga empleyado. This fearmongering is unwarranted. May pera sa programs for our Makatizens at para sa sahod at benefits ng empleyado. I made sure of that,&quot; said Binay-Campos, adding that the city treasurer knows the financials better than the budget officer.</p><p>“There’s no appropriation yet because it’s not in the 2025 budget—but it doesn’t mean the city has no money. Just pass a supplemental budget. Walang mababawas na serbisyo… I left Makati with nearly P30 billion in cash, consistent revenue increases, and eight straight unmodified COA (Commission on Audit) opinions,” she insisted.</p><p>Moving forward, incumbent mayor Binay-Angeles said she will issue an executive order calling for the formation of a fact-finding committee to investigate and look into all Public-Private Partnership projects entered into by the city government.</p><p>Before the subway issue, the two sisters were already feuding over family and political dynamics. </p><p>During the 2025 midterm polls, Binay-Campos’ husband went against, but lost to, Binay-Angeles for the mayoral post. </p><p>Binay-Campos ran for the Senate but also failed to secure a seat.</p><div><br/></div><div><strong>RELATED VIDEO:</strong></div><div style="text-align:center"><iframe width="560" height="315" src="https://www.youtube.com/embed/CNVeE4ouwYY?si=CbwJHtb6tgTLAqvL" title="YouTube video player" frameBorder="0" allowfullscreen=""></iframe><br/></div><script data-wid="auto" type="text/javascript" src="https://content.viralize.tv/display/?zid=AAFz8gWM8iRADsJr&amp;cid=ABcE4I4B76od4MR7"></script>

<p>Former Makati mayor Abby Binay-Campos on Monday slammed allegations that the P8.96 billion settlement deal her administration signed with the private contractor of the stalled Makati Subway project, Philippine Infradev Holdings Inc., was rushed or a “midnight agreement.”</p>

Former Makati mayor Abby Binay-Campos on Monday slammed allegations that the P8.96 billion settlement deal her administration signed with the private contractor of the stalled Makati Subway project, Philippine Infradev Holdings Inc., was rushed or a “midnight agreement.”

Ex-Makati mayor Abby Binay denies alleged midnight deal with subway contractor

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Sudoku

Word of the Day

Lotto

Horoscope

Business

Ex-Makati mayor Abby Binay denies alleged midnight deal with subway contractor

Andrea Taguines,

ABS-CBN News

Published July 07, 2025 03:59 PM PHT

|

Updated July 11, 2025 03:20 PM PHT

Read More:

Abby Binay

Nancy binay

Makati Subway Project

ABSnews

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.