Makati City Mayor Nancy Binay raises concern about a last-minute P9-billion settlement deal signed by her sister and predecessor, Abby Binay, with the private contractor of the Makati Subway project.
Full story: https://www.rappler.com/philippines/metro-manila/nancy-binay-flags-settlement-makati-city-subway-project/
00:00Makati City Mayor Nancy Binay raises concern about a last-minute P9 billion settlement deal signed by her sister and predecessor, Abby Binay, with a private contractor of the Makati subway project.
00:13Nancy describes the deal as a, quote, midnight settlement, as it was signed on June 23, just seven days before Abby's term as mayor ended.
00:21Under the deal, the Makati City government would fully own the subway project and all its assets. For this, the city must pay P9 billion within 90 days after the Singapore International Arbitration Center, or SIAC, issues a consent award.
00:35If the city fails to pay on time, it could face extra penalties of P30 million or P1.7 billion plus interest.
00:42A certification from the City Budget Department on July 3 confirmed that Makati's 2025 budget does not allow for this payment.
00:50Nancy also criticizes the past administration for approving the deal without consulting the public, getting budget approval, or due diligence.
00:58She has since instructed the City Legal Department to take action to challenge the settlement at the SIIC.
01:04She also promised to seek legal remedies to hold those responsible for the deal accountable.
01:09In a statement on Monday, July 7, Abby denied her sister's allegations that the deal was a midnight agreement.
01:14She said it was a calculated move meant to prevent larger financial losses, increase the city's assets, and ensure long-term financial stability.
