MNTC eyes completion of 3 toll roads by June 2016
MANILA – The tollways arm of Metro Pacific Investments Corp. (MPIC) is projecting the completion of three toll road projects before the end of President Aquino’s term in June 2016.
MPIC’s Manila North Tollways Corp. (MNTC) President Rodrigo Franco said these projects include the ongoing P1.6 billion Segment 9, the P10.5 billion Segment 10.1 under the Harbor Link, and the P18 billion Segment 10.2 or the North Luzon Expressway (NLEx)-South Luzon Expressway (SLEx) connector road.
Franco said the construction of Segment 9 is scheduled to start in May and is expected to be finished in June 2015.
Segment 9 is covering a 4-lane divided at grade expressway stretching 2.42 kilometers from the existing Smart Connect interchange to MacArthur Highway.
Segment 10.1, which comprises of 5.64 kilometers of 4-lane divided elevated expressway from MacArthur Highway to C-3 will begin construction in March and is expected to be completed in February 2016.
Franco also said MNTC is raising funds of at least P7 billion through the issuance of retail treasury bonds (RTBs) within the first quarter of 2014 to partially finance the construction of the 8-kilometer Segment 10.2.
The MNTC is also considering financing about 70 percent of the connector road through debt and the remaining 30 percent through equity from shareholders.