Former Makati City Mayor Abby Binay-Campos on Monday, July 7, belied claims that the city government is not capable of paying for the $160-million award the Singapore International Arbitration Centre (SIAC) may give in favor of Philippine Infradev Holdings Inc., the Makati subway project's contractor, for the project.

“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 (Claims that there will be no more funds for services and operations are baseless. Do not scare Makatizens and the employees. This fearmongering is unwarranted. There are allocated funds for programs for Makatizens as well as for the salaries and benefits of city government employees. I made sure of that), Binay-Campos said in her statement.

Binay-Campos made the statement after her sister, Makati City Mayor Nancy Binay, flagged her administration's alleged “midnight settlement” obligating the city to pay P8.96 billion to Philippine InfraDev Holdings Inc.

The former mayor pointed out that the $160 million compromise—which took into account Infradev's actual investments as confirmed by Pricewaterhouse Coopers (PwC)—is a strategic way to shield the city from the firm's $1.7-billion arbitration claim filed before SIAC.

It also gives the city full ownership of Makati City Subway Inc. (MCSI), including its real estate holdings, feasibility studies, and engineering plans. These assets are valued at $1.6 billion and are turned over free of liabilities.

“A decision had to be made, otherwise the new administration will be burdened with a protracted and potentially costly arbitration proceeding,” Binay-Campos explained.

“They (Mayor Nancy's administration) 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,” she added.

The former mayor slammed allegations that the deal was rushed or a “midnight agreement,” reiterating that it was a calculated move to not only prevent larger losses, but also to substantially raise the city’s assets and provide long-term financial stability.

“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,” Binay-Campos said.

“I left Makati with nearly P30 billion in cash, consistent revenue increases, and eight straight unmodified COA opinions. 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 (There will be no shortage of services),” she stressed.

In 2022, a Supreme Court (SC) ruling ordering the transfer of jurisdiction of the 10 Embo (enlisted men’s barrios) barangays from Makati City to Taguig City affected the alignment of the project.

This prompted InfraDev to declare the project as no longer economically and operationally feasible as some of its stations were placed under Taguig's jurisdiction.