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Manila Bulletin devider Philippines devider Metro Manila devider May pera ang Makati: Ex-mayor Abby slams 'no funds' claim over subway project

May pera ang Makati: Ex-mayor Abby slams 'no funds' claim over subway project

Published Jul 10, 2025 01:43 pm
Abby Binay-Campos
Abby Binay-Campos
Former Makati City Mayor Abby Binay-Campos asserted on Thursday, July 10, that the city has more than enough funds to pay for the settlement agreement regarding the ownership and development of the Makati subway project. Her statement contradicted claims from the current administration, led by her sister, Mayor Nancy Binay, suggesting otherwise.
In a media conference, Binay-Campos refuted Mayor Binay's previous statement that Makati would got bankrupt due to the settlement, calling it baseless and entirely false.
“May sapat na pera ang Makati para mabayaran ang settlement. At kahit may settlement, may pondo pa rin ang Makati para tuloy-tuloy ang mga programa at serbisyo sa ating Makatizens. Sobra-sobra pa nga (Makati has enough money to pay the settlement. And even with the settlement, Makati still has funds to continue programs and services for our Makatizens. More than enough, in fact)," she said.
“It is not true that the City will go bankrupt because of the settlement. The truth is that the City will become more financially stable. The truth is that the settlement will make Makati the richest local government unit (LGU) in terms of assets,” she added.
Binay-Campos said the current administration should clarify the difference between the approved budget of the city and its overall funds.
“I suggest that the new administration brush up on financial literacy. There is a difference between appropriated funds based on approved budget and actual cash of the City, which represents the current year collections and the accumulated savings. Hindi dahil wala sa 2025 budget ay walang pera ang Makati para sa settlement (Just because it's not in the 2025 budget doesn't mean Makati has no funds for the settlement),” Binay-Campos explained, adding that she had left the City Hall with almost P30 billion in the bank.
“The City has assets worth over P243 billion. Ito ay hindi nila maaring ipagkaila dahil ito ay batay sa financial records ng Makati. Kaya walang basehan ang sinasabi nila na maububusan ng pondo ang Makati para sa programa at operations dahil sa settlement (They cannot deny this because it is based on Makati's financial records. So there is no basis for them to say that Makati will be deprived of funds for programs and operations because of the settlement)," she said.
No need to sell
The former mayor stressed that the city government does not need to sell properties to pay for the settlement because of her administration's careful and transparent financial planning and governance, which in effect, brought huge savings for the city government.
"These allegations are baseless and do not help to clearly discuss the issue. For $160 million, Makati will acquire a company with a net asset value of $1.6 billion. Makati will acquire assets more than ten times the amount it paid. It will also get the detailed engineering design, test results, studies and all other assets of the subway company that will allow the new administration to proceed with the subway project. In short, Makati will own and have full control over the subway project," Binay-Campos explained.
“Makati is the second richest LGU, according to the Commission on Audit (COA). At the moment, we have assets worth over P243 billion. So add to that amount $1.6 billion. With this agreement, Makati will become the richest city in terms of assets," she added.

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Makati city makati subway project abby binay mayor nancy binay metro news settlement agreement
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