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Chinese contractor to build subway for 'Manila's Wall Street'

$1.2bn deal comes as Philippines says it needs Bejing's cash despite US pressure

MANILA -- A Chinese contractor has clinched a $1.2 billion deal to build a subway for Manila's premier business district, marking the latest inroad by a Chinese company into the Philippines, which recently stressed that investments from its maritime rival are welcome.

China Construction Second Engineering Bureau will start building the 8-km Makati City Subway "when travel restrictions are lifted," Antonio Tiu, CEO of Philippine Infradev Holdings, the local company spearheading the project, told the Nikkei Asian Review. The underground railway is targeted to be completed by 2025, he added.

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