IRC Properties, Inc., now led by businessman Antonio L. Tiu, is seeking to build a mass transportation system within Makati City to address traffic congestion in the country’s central business district.
In a disclosure to the stock exchange on Monday, the listed property company said its board of directors approved the submission of an unsolicited proposal to the local government of Makati for the construction, operation and maintenance of a Makati Mass Transportation System.
The IRC board also authorized company officials to discuss and negotiate with the Makati City government, as well as enter joint venture agreement to implement the project.
“IRC confirms that it submitted an unsolicited proposal to the City of Makati for an intra-city mass transport system. Like all unsolicited proposals, this would have to be evaluated by the city government. IRC will disclose more details as they come along in the coming days,” IRC Executive Vice-President and Chief Operating Officer Georgina A. Monsod told BusinessWorld via text.
Mr. Tiu was appointed as president, CEO and director of IRC Properties last May 17. He replaced Esteban G. Peña Sy as CEO and Ms. Monsod as president.
Mr. Tiu also heads listed firms AgriNurture, Inc. and Greenergy Holdings, Inc.
One of IRC’s projects is a 4.4-hectare subdivision Casas Bauhinia located in Binangonan, Rizal.
The developer reported a net income of P25.37 million during the first quarter, growing fourfold from the P5 million recorded during the same period in 2017. — Denise A. Valdez