Metro Pacific Investment Corp. (MPIC), through its subsidiary, Manila North Tollways Corp. (MNTC), is aiming to secure all the approvals and documentations for the P18-billion North Luzon Expressway (NLEX)-South Luzon Expressway (SLEX) connector road project by the end of June.
“If we can secure all the approvals and documentation by the end of June there might be a chance we can finish the connector,” MPIC Chairman Manuel Pangilinan said on the sidelines of the 23rd World Economic Forum on Thursday.
Earlier, the Philippine National Construction Corp. (PNCC) and MPIC signed an agreement for the construction of the connector road under similar terms as the existing concession-rights of the MPIC for the operation of NLEX through MNTC.
MPIC had proposed a 13.4-kilometer, four-lane expressway that will run over the Philippine National Railway lines from Caloocan City to Makati City that will link the Northern and Southern Luzon expressways.
“Our connector [consists of]three segments. [The] first segment is Segment 9 from Mindanao Avenue to Valenzuela. That should be done by August this year. Naumpisahan na namin ‘yan, ang kabutihan ‘dun [We have already begun construction and the advantage to us is] that’s within our franchise. Then the Segment 10 is [the]second phase. We started to construct now. It’s from Valenzuela to an area near the harbor,” Pangilinan said.
On March 31, MNTC said that it might raise P10 billion in the fourth quarter of this year to help finance the said project.
MNTC President Rodrigo Franco, meanwhile, said that the firm is looking to raise about P10 billion immediately after getting the Toll Regulatory Board’s (TRB) approval of the Supplemental Toll Operations Agreement.
“We are hoping to raise funds again by the third or the fourth quarter of this year,” he said, adding that part of the funding requirement may be raised internally or from investors and about 70 percent will be in the form of debt.