An official of Toll Regulatory Board (TRB) said on Wednesday that the approval for the Supplemental Toll Operations Agreement (STOA) of Metro Pacific Investment Corp. for a connector road project is expected to be out in the first quarter this year.
“They have submitted [the STOA]. What we approved during the last board meeting—kasi step-by-step ’yung approval ng TRB [the approval is step-by-step]—alignment is the first item, then sinabay na namin ’yung basic [we simultaneously approved the basic]design of the road. Those are really important items,” said Edmundo Reyes Jr., TRB executive director.
He said that that the third approval will be for the financial aspect.
“We’re targeting a first quarter approval for the STOA,” Reyes added.
Earlier, The Philippine National Construction Corp. (PNCC) and Metro Pacific Investments Corp. (MPIC) signed an agreement for the P22.95-billion Connector Road under the existing concession of the North Luzon Expressway.
Christopher Lizo, Metro Pacific Tollways Corp. chief financial officer, said earlier that, “It will be an amendment of the existing STOA.” On November 29 last year, PNCC and MPIC signed an agreement that the connector road project that will be done by the Manila North Tollways Corp., which means that MNTC signed an agreement with PNCC and the terms of the agreement are substantially the same as the terms of the existing concession of NLEX.
Metro Pacific 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 expressways of Luzon.
Under the agreement, the companies will have a 6-percent share in gross revenue and will maintain their 2.5-percent equity in the connector road project.
Earlier, Rodrigo Franco, MNTC president and chief executive officer, said that the amendment of the STOA is much easier and faster compared to formulating a new contract.