MANILA - Metro Pacific Investment Corp said Tuesday the subsidiary of its tollways unit has paid the Department of Public Works and Highways in advance the second tranche of its concession fees for the Cavite-Laguna Expressway.
Metro Pacific Tollway Corp's MPCALA Holdings Inc paid P4.368 billion for the concession fee ahead of the July 10 due date, MPIC said in a disclosure to the stock exchange.
The payment is the second of 6 tranches amounting to P27.3 billion in total under a 35-year CALAX concession, it said.
“It is our privilege to be Government’s private sector partner in this project of national significance. And despite this COVID-19 pandemic, our work continues to serve our communities, and our people,” MPTC Chairman Manuel V. Pangilinan said.
The tollways group also advanced its tax payments to the Bureau of Internal Revenue, worth P1.03 billion, to help the government raise funds for COVID-19 response, it said.
The CALAX is expected to cut travel time between Kawit, Cavite to Binan City, Laguna to 45 minutes from 90 minutes.