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MANILA, Philippines – Metro Pacific Investments Corporation (MPIC) aims to complete P30 billion worth of toll road projects before June 2016: the month President Aquino steps down. This news comes as San Miguel Corporation (SMC) begins a P26-billion toll road construction project connecting the North Luzon Expressway (NLEx) and the South Luzon Expressway (SLEx).
According to Rodrigo Franco, president of MPIC unit Manila North Tollways Corporation (MNTC), the MPIC group’s projects include the P1.6-billion Segment 9 and P10.5-billion Segment 10.1 under the Harbor Link project. He also cited the P18-billion NLEx-SLEx connector road, also known as Segment 10.2.
Franco said construction of Segment 9 – which covers a 4-lane divided at-grade expressway stretching 2.42 kilometers (km) from the Smart Connect interchange to MacArthur Highway – is scheduled to begin in May and be completed by June 2015.
Segment 10.1 – 5.64 km of 4-lane divided elevated expressway from MacArthur Highway to Circumferential Road 3 (C-3) – will begin in March and is expected to be completed in February 2016.
The latest project, known as Segment 10.2, is a connector road stretching 8 km from C-3 to the Polytechnic University of the Philippines in Sta. Mesa. This project comes with a 2.6 km spur road from C-2 to Road 10 leading to the Manila International Container Terminal at the Port Area in Manila.
Franco added that MNTC hopes to raise at least P7 billion through the issuance of bonds sometime during the first quarter of the year to help finance Segment 10.1’s construction. The MNTC is looking to finance 70% of the connector road through debt. It is also obtaining shareholder equity to finance the remaining 30%.
The Philippine National Construction Corporation (PNCC) and the MPIC’s Metro Pacific Tollways Development Corporation (MPTDC) signed a joint venture agreement allowing MNTC to implement the connector road project.
Franco noted that an investment proposal is with the Toll Regulatory Board (TRB) for approval. Groundwork for the connector road is expected to begin in the third quarter after approval by the regulatory body.
According to the MPIC group, the team-up with the PNCC showed MPIC’s commitment to making travel more efficient and safer. – Rappler.com
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