According to insider sources, Tiu was elected as president by the company’s board of directors during a meeting held last June 29, Saturday, replacing Georgina Monsod with immediate effect.
“You don’t just give up on a project that you’ve already spent $100 million on,” said a source familiar with the recent developments in the company. “[Tiu] was invited back in to fix the problems, and get the subway project back on track.”
The project was shelved indefinitely at the height of the pandemic due to a variety of reasons, not least of which was the decision of the Supreme Court in 2022 declaring 10 barangays that were formerly considered part of Makati City to be actually part of Taguig.
The pandemic also caused significant delays to the project and made cash tight for everyone involved, while the rising tensions between the Philippines and China also made the subway project’s Chinese partners a little more cautious about proceeding forward.
But all that seems to be behind the group now because we hear Tiu’s reentry into the company — he was also named president of Makati City Subway Inc. — is meant to either help all the parties recoup their investments or help put the project back on track… almost certainly with the cooperation of Taguig and its ruling political family this time.
In fact, proof of this is the decision of Philippine Infradev’s board to approve last Friday a change in the company’s address from Makati to Binangonan, Rizal or… Taguig!
Now that is interesting.
Senior Reporter
