MPIC to borrow P50 B to fund infra projects

The tollway arm of Metro Pacific Investments Corp. (MPIC) hopes to raise around P50 billion through loans from banks to fund projects such as the Cavite-Laguna Expressway (CALAx), Cebu Cordova Link Expressway (CCLEx), as well as those being undertaken by Cavitex Infrastructure Corp. (CIC) and NLEX Corp.

“We’re looking at raising around P50 billion,” Metro Pacific Tollways Corp. (MPTC) president and chief executive officer Rodrigo Franco told reporters.

He said the firm would raise the funds by borrowing mainly from local banks.

For the CALAx, he said the firm is looking to raise at least P14 billion.

MPIC, through MPCALA Holdings Inc., bagged the CALAx project under the public-private partnership program.

The CALAx is a four-lane 45-kilometer (km) expressway which will link the Manila-Cavite Toll Expressway (Cavitex) and South Luzon Expressway (SLEX).

As for the CCLEx, Franco said the company plans to borrow P15 billion.

The CCLEx, initiated by MPTC with the local governments of Cebu City and Cordova, will cover about 8.5 km and will have a causeway and bridge toll facility between Mactan island and Cebu City.

Franco said the firm would raise P10 billion each for CIC and NLEX Corp.

CIC is working on the 7.7-km C-5 South Link Expressway which will connect to the R-1 in Parañaque to C-5 to Cavitex.

Franco said NLEX Corp., meanwhile, may start construction for the NLEX-SLEX Connector Road in the second quarter of next year.

The eight-km, four lane NLEX-SLEX Connector Road is an elevated expressway over the right of way of the Philippine National Railways, starting at the end of the NLEX Segment 10 at C-3 Road in Caloocan City, to PUP in Sta. Mesa in Manila and connecting to the Metro Manila Skyway Stage 3 Project.

Franco said fundraising for CALAx and CIC have started this year, while the rest would be undertaken next year.

All the projects are expected to help decongest roads and provide ease in travel for motorists.

At present, MPIC operates tollway projects such as the NLEX, Subic-ClarkTarlac Expressway and the Cavitex.

In addition to tollways, MPIC is involved in rails, water, power, hospitals and logistics.