LISTED IRC Properties, Inc. has obtained “original proponent status” for its proposed $3.7-billion (P196.1 billion) Makati Subway project, the company told the stock exchange on Wednesday.

“The unsolicited proposal for a joint venture to establish and operate the Makati Mass Transport System … has been accepted by the Makati City government for purposes of detailed negotiations on the technical and financial aspects,” it said in a disclosure.

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