"Overseas Construction Contracts Go Untact" Hyundai Engineering & Construction Holds Virtual Signing Ceremony for Philippine North-South Railway Section 1 Contract

[Asia Economy Reporter Yuri Kim] Hyundai Engineering & Construction announced on the 9th that it held an online video signing ceremony on the 8th for the 'Philippine North-South Railway Project Package 1 (Malolos to Clark Railway Project ? PKG1)' in line with the untact era. Hyundai Engineering & Construction received the notice of award for this project from the Philippine Department of Transportation last month.

The contract is worth a total of 670 billion KRW (573 million USD). The lead company, Hyundai Engineering & Construction, is responsible for approximately 383.8 billion KRW (57.5%) of the contract. Hyundai Engineering & Construction stated that it enhanced competitiveness through strategic alliances with local companies Megawide and earthwork specialist Dong-A Geo Engineering.

The Philippine North-South Railway Package 1 project is part of the approximately 53 km long north-south railway construction connecting Malolos in northern Manila and Clark. Among the total five packages, Package 1, which Hyundai Engineering & Construction is constructing, is a project to build two aboveground stations and about 17 km of viaducts, with a construction period of 48 months from the start date.

The online video signing ceremony held that day was attended by Arthur P. Tugade, Philippine Secretary of Transportation, and other officials, as well as Park Dong-wook, President of Hyundai Engineering & Construction, Executive Director Lee Hye-ju, Executive Director Kim Ki-beom, and personnel from affiliated companies. After each contracting party connected via video and completed the signing, congratulatory remarks were made to conclude the contract.

Large-scale overseas construction projects have typically been contracted by having representatives or executives visit the site in person to sign contracts and exchange documents. However, due to difficulties in site visits caused by the COVID-19 pandemic, the company explained that this online method was devised as an alternative.

With this order, Hyundai Engineering & Construction has laid the groundwork for a renewed leap into the Philippine construction market after 34 years since winning the Asian Development Bank (ADB) headquarters new building project in 1986.

A Philippine official said, "Hyundai Engineering & Construction has great expectations due to its strengths in executing numerous large-scale railway projects domestically and internationally similar to the North-South Railway, as well as its high technical skills, giving it global competitiveness in both technical and commercial aspects."

A Hyundai Engineering & Construction official stated, "This order is a valuable achievement made amid the difficult global environment caused by COVID-19 and other factors. Hyundai Engineering & Construction will build high-quality infrastructure in the Philippines based on its accumulated railway construction technology and experience."

This content was produced with the assistance of AI translation services.