MPTC to raise P20 billion for Cavite-Laguna Expressway

MANILA, Philippines — Metro Pacific Tollways Corp. (MPTC), the tollway arm of Metro Pacific Investments Corp. (MPIC), is planning to raise up to P20 billion to fund the Cavite-Laguna Expressway (CALAx) project.

MPTC president and chief executive officer Rodrigo Franco told reporters they plan to raise funds for the CALAx. “We have not set yet the final amount, but we are looking at P18-to P20-billion,” he said.

He said MPTC plans to borrow from banks for the project. “We’re hoping to close the borrowing by June or July,” he said.

MPIC unit MPCALA Holdings Inc. was awarded the P35.43 billion CALAx under the public private partnership program during the previous administration.

When completed, the 45-kilometers (km), four-lane expressway will link the Manila Cavite Toll Expressway (Cavitex) and the South Luzon Expressway (SLEX).

The project will start at Cavitex in Kawit, Cavite and end at the SLEX-Mamplasan interchange in Biñan, Laguna.

It will have eight interchanges located in Kawit, Open Canal, Governor’s Drive, Aguinaldo Highway, Silang East, Sta.Rosa-Tagaytay Road, Laguna Blvd. and Technopark.

The Cavite segment will cover 27-km, while the Laguna segment will span 18-km.

MPCALA has tapped the services of D.M. Consunji Inc. for the construction of the Laguna segment, while it entered into a contract with Leighton Contractors for the Cavite segment.

The tollroad is expected to reduce travel time from Cavitex to SLEX by 45 minutes.

Franco said MPTC is also planning to raise funds for other projects such as the North Luzon Expressway (NLEX) – SLEX connector road and R-10, but have yet to decide on the amount.

Earlier this year, MPIC subsidiary NLEX Corp. filed a registration statement with the Securities and Exchange Commission for the shelf registration of peso denominated fixed rate bonds with an aggregate principal amount of P25 billion and planned issuance of up to P6 billion.

The NLEX-SLEX connector road is an eight-kilometer all-elevated project above the existing Philippine National Railways’ tracks from the C3/5th Avenue Interchange in Caloocan City to PUP Sta. Mesa, Manila.

The project is an alternative to Edsa and may cut travel time between NLEX and SLEX to 20 minutes from two hours.

Meanwhile, the 2.6-km R-10 spanning C-3 interchange until Dagat-Dagatan in Navotas City, will serve as the continuation of NLEX Harbor Link Segment 10.

NLEX Harbor Link which is also being built by NLEX Corp., is a six-lane elevated expressway covering 5.58-km to connect McArthur Highway in Valenzuela City and C-3 in Caloocan City.

The project is expected to decongest Metro Manila by providing access to NLEX without passing through EDSA or the Balintawak Toll Plaza and improve movement of cargo between NLEX and R-10.