MANILA, Philippines - After years of waiting for government's nod on its road project that will connect the expressways north and south of the capital, the group of businessman Manuel V. Pangilinan has come to terms with the other business group pursuing a similar project on cost and revenue issues.
Pangilinan said Metro Pacific Investment Corp (MPIC), which he chairs, has agreed with San Miguel Corp-backed Citra Metro Manila Tollways Corp. on the issue of revenue and cost sharing scheme of the common alignment which is an integral part of the connector road.
“In terms of funding for the 5-kilometer common alignment, we will shoulder 37.5% of the total cost and the other gets to assume 62.5%,” MPIC chair Pangilinan told reporters on January 22.
“I believe we will set up toll plazas on our side. So, as far as I can recall, [for] the southbound traffic or those crossing our toll booth, the revenues will belong to us and the revenue that will derive from their toll plaza will belong to them,” said Pangilinan.
The common alignment road starts from Buendia in Makati City to Polytechnic University of the Philippines in Sta. Mesa, Manila. This road, which is estimated to cost P7 billion, will then lead to two separate connector roads.
In January, the National Economic Development Authority (Neda) board, a policy group chaired by President Benigno Aquino III, approved the unsolicited connector road proposal of MPIC, which is subject to a Swiss challenge. San Miguel-Citra's proposal is not.
MPIC proposed a 13.2-kilometer overhead road via the railway tracks passing through the busy streets of Manila. The project cost of the road connector is P19 billion, plus right of way cost amounting to P4.6 billion. Construction could be finished by 2016.
It will have 4 lanes and 3 exits that will be located in Quirino, España and 5th Avenue. From there, the road would connect to another road project dubbed as the “Harbor Link,” which is actually an extension of the North Luzon Expressway (NLEx). The Pangilinan group holds the concession for NLEx.
The terms of reference is expected to be out by March this 2013.
San Miguel-Citra, on the other hand, is set to start construction of its 14.2 kilometer, 6-lane elevated tollway this January. Its P25.4 billion road project could be operational after two years. Their connector road will have exits in Quirino in Manila and Plaza Dilao, Aurora Boulevard, E. Rodriguez Avenue, Quezon Boulevard, Sergeant Rivera and Balintawak in Quezon City.
“I think we have to synchronized the construction,” added Pangilinan. - Rappler.com
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