Metro Pacific-San Miguel toll roads may start ‘soon’
The P72-billion Southern Tagalog expressways of Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) may start construction soon, according to tycoon Manuel Pangilinan.
The projects are designed to link the Cavite-Laguna Expressway (CALAx) to Bauan, Batangas.
The MPTC chair told reporters last week the alignment of the 88-kilometer Cavite-Batangas Expressway (CBEx) and Nasugbu-Bauan Expressway (NBEx) has been agreed upon by both parties.
“The principals of the partnership have agreed,” Pangilinan said. “They should start working soon.”
However, no specific timeline has been set yet.
The toll roads will traverse Silang, Amadeo, Tagaytay, Indang, Mendez and Alfonso in Cavite and will link motorists to Nasugbu and Bauan in Batangas.
The plan is to establish the 27.06-kilometer CBEx segment, which will link MPTC’s CALAx Silang (Aguinaldo) interchange to Nasugbu. Meanwhile, the 60.90-km NBEx segment will provide connection to Bauan.
The tollway projects were originally set for groundbreaking last year but were delayed as the companies ironed out their proposed merger first.
The two tollway operators have been in talks for quite some time now. Pangilinan said earlier the company intends to raise funds to trim its debt ahead of the planned merger.
In particular, the tycoon said in January they would like to rake in P30 billion to P50 billion in fresh funding this year.
Plan to sell
The Pangilinan-led tollway operator, last March, said parent company Metro Pacific Investments Corp. was planning to sell up to 20 percent of its stake in MPTC to secure more funds.
Pangilinan said that a third-party entity was interested in buying a portion of its stake. He added later on that it could be a foreign buyer as well.
In March, the operator of North Luzon Expressway (NLEx) started constructing a P2.2-billion expressway that links the NLEx Mindanao toll plaza to Quirino Highway. The target is to complete this by the first quarter of next year.
San Miguel, meanwhile, broke ground for the 76.8-km Pangasinan Link Expressway (PLEx) last year.
The project seeks to reduce travel time from Binalonan to Lingayen from an hour and 40 minutes to only about half an hour or less.
