MANILA, Philippines — Metro Pacific Investments Corp. expects to reach a compromise on its dispute with the government over the long-delayed rate adjustments in its toll roads within the month.
“We hope to resolve everything within the month so we can all move forward,” said MPIC president Jose Ma. Lim.
Lim said they agreed to implement the toll increase on a staggered basis to cushion the impact on motorists.
The government has not acted on the company’s petitions for toll hike in 2013, 2015 and this year, which have already cost the Metro Pacific Tollways Corp. more than P8 billion in foregone revenues.
MPTC’s concession allows for toll adjustments every two years.
The company needs around P122.7 billion to build new highways and tollways across the country over the next five years. These include the P62.43-billion NLEX-Cavitex Port Expressway Link and P60-billion C5 South Link Expressway.
NLEX president Rodrigo Franco said the toll adjustment was of “extreme urgency” as the company would continue to suffer significant losses which could hamper its ability to finance its toll road projects.