MANILA - San Miguel Corp said on Wednesday it has signed a joint venture deal with the provincial government of Batangas to build the Nasugbu-Bauan Expressway (NBEX).
SMC said the Batangas provincial government granted its subsidiary, SMC Infrastructure, a 35-year concession to design, build, operate, and maintain the NBEX.
The P44.77-billion NBEX project is expected to cut travel time by half between Nasugbu to Bauan, Batangas from 1.5 hours to just 45 minutes.
SMC president and CEO Ramon Ang said the four-lane 61-kilometers long tollway will also reduce the usual 5-hour trip to and from Manila to only 2 hours.
“This project will drive a lot of development for our province and for our towns here in the first district,” said Governor Herminilando Mandanas.
Ang meanwhile said SMC has “committed to deliver 70 percent of the project’s profits to the local government, once it is operational.”
“This will be key to furthering the growth of the province and improving lives and livelihood,” Ang said.
NBEX, which begins at Brgy. Kaylaway, Nasugbu town, runs parallel to Tagaytay-Nasugbu and Palico-Balayan highways, San Miguel said. It will also connect to another SMC Infrastructure project, the Cavite-Batangas Expressway (CBEX), which leads to Tagaytay City and Silang, Cavite.
And said target for substantial completion of the project is at 48 months, including the 12-month development of the detailed engineering design.
SMC also operates the Tarlac-Pangasinan-La Union Expressway (TPLEX), the Skyway System, the South Luzon Expressway (SLEX), and the Southern Tagalog Arterial Road ( STAR ) Tollway.