MANILA - SMC SLEX Inc has allocated P4.6 billion for 2021 to fund the project that will extend the South Luzon Expressway to Quezon province, San Miguel Corp said Tuesday.
The budget will fund the construction of a 4-lane, 66.73 kilometer extension of SLEX from Sto. Tomas, Batangas to Lucena City, Quezon, SMC told the stock exchange.
"We confirm that SMC SLEX Inc., [formerly South Luzon Tollways Corp], an affiliate of San Miguel Corporation has earmarked approximately P4.6 Billion for the year to fund the construction of the four-lane, 66.74-kilometer extension of the South Luzon Expressway from Sto. Tomas, Batangas to Lucena City, Province of Quezon," the statement said.
San Miguel said the expressway operator posted a lower net income in 2020 due to the "significant decrease in traffic volume" brought by the COVID-19 pandemic.
San Miguel Corp's unit is also building the Skyway Stage 3 project, which aims to connect the South Luzon Expressway to the North Luzon Expressway.