MNTC secures P5-B loan for expansion

MANILA, Philippines – Manila North Tollways Corp. (MNTC) has secured a P5 billion loan from Union Bank of the Philippines for its expansion projects and refinancing.

In a filing, MNTC said the toll operator entered into a 10-year fixed rate term loan facility agreement with Union Bank last Jan. 29.

“The proceeds of the loan will be used by MNTC to fund toll road expansion projects and the refinancing of MNTC’s loans,” the company said.

Metro Pacific Tollways Corp. (MPTC) president and chief executive officer Rodrigo Franco said in a text message the amount would “be used for new projects like the NLEX (North Luzon Expressway) expansion which is about to start.”

MPTC is the holding company of MNTC.

MNTC is currently working on the integration of the NLEX and the other tollway it operates, the Subic-Clark-Tarlac Expressway (SCTEX), to be able to provide ease and convenience to motorists.

The integration of the NLEX and SCTEX is expected to reduce the toll plaza stops to two instead of five for motorists coming from Balintawak to Subic, and to two instead of four from Balintawak to Tarlac.

For the project, the physical barriers between the two toll roads will be removed, so motorists will no longer have to stop at Dau and Mabalacat, which would be converted into pass-through lanes.

MNTC is aiming is to complete the integration of the tollways before the Holy Week.

Apart from the integration of the two tollways, MNTC is also undertaking improvement works on the SCTEX.

MNTC is a unit of Metro Pacific Investments Corp. (MPIC).

Apart from toll operations, MPIC is involved in power distribution, water utilities, hospital operations and rail.