MPIC claims for overdue toll rate adjustment has reached P6 B

MANILA, Philippines -  Metro Pacific Investments Corp.’s (MPIC) overdue toll rate adjustments for the North Luzon Expressway (NLEX) and Manila-Cavite Toll Expressway (Cavitex) has reached around P6 billion.

Metro Pacific Tollways Corp. president and chief executive officer Rodrigo Franco said the claims for the tollway business are now at around P6 billion.

“It (amount) is accumulating everyday,” he said, noting the arbitration process is ongoing.

In April last year, MPIC through NLEX Corp. which was formerly known as Manila North Tollways Corp., filed a notice of arbitration against the government to obtain compensation worth about P3 billion for toll rate adjustments due to take effect for NLEX on January 2013 and January 2015.

In the same month, MPIC through Cavitex Infrastructure Corp. also issued a notice of arbitration and statement of claim to the government to seek compensation worth P877 million for the latter’s inaction on the toll hike petition for Cavitex due to take effect on Jan.1, 2012, Jan.1, 2014 and Jan. 1, 2015.

“The case is being processed. We are just waiting for the arbitration panel to finish its process,” Franco said.

Apart from NLEX and Cavitex, MPIC also operates the Subic-Clark-Tarlac Expressway.

It was also awarded other tollway projects such as the Cavite-Laguna Expressway, Cebu-Cordova Link Expressway and NLEX-South Luzon Expressway Connector Road.

MPIC is also involved in the tollways business in other Southeast Asian countries such as Thailand and Vietnam.

In Thailand, MPIC has a 29.5 percent equity interest in toll road operator Don Muang Tollway Public Co. Ltd.

As for Vietnam, MPIC has a 45 percent effective interest in CII Bridges and Roads Investment Joint Stock Co. which has road and bridge projects in and around Ho Chi Minh City.