A general view shows the slum area (foreground) and Makati city (background) in Manila on August 7, 2017. - AFP
MANILA: A US$3.5-billion subway project in the Philippines’ main financial hub is no longer feasible following an inter-city dispute, according to its developer on Friday (May 1).
Philippine Infradev Holdings Inc. has initiated an arbitration to settle the shelved project, it said in a statement to the Philippine Stock Exchange. Its shares fell as much as 7.9 per cent on Friday, after the bourse halted trading for an hour following its disclosure.
