The Manila North Tollways Corp. (MNTC) said that if it bags the connector road project then it will have to borrow money or raise bonds this year.
“It depends on the connector road if there will be no Swiss challenge, then it will be our next biggest project, and we will need funding,” MNTC president Rodrigo Franco told reporters during the North Luzon Expressway (NLEX) 10th anniversary celebration.
The company may raise or borrow roughly P15 billion to finance the connector road project.
In October last year, Metro Pacific Investment Corp.’s (MPIC) P18-billion NLEX-South Luzon Expressway (SLEX) connector road project is open for bidding after a government decision to subject the proposed four-lane expressway to a Swiss challenge.
Ramon Fernandez, Metro Pacific Tollways Corp. (MPTC) president, told reporters that government is indeed returning the project proposal, which will be open to a Swiss challenge.
A Swiss challenge is a form of public procurement that requires a government agency that has received an unsolicited bid for a public project or services to publish the bid and invite third parties to match or exceed it.
Fernandez said that the project would help solve traffic congestion in Metro Manila.
Earlier, Philippine National Construction Corp. (PNCC) and MPIC signed an agreement for the construction of the connector road under similar terms as the existing MPIC concession rights for the operation of NLEX through the Manila North Tollways Corp.