NLEx Corp., formerly Manila North Tollways Corp., asked the government to approve toll adjustments at North Luzon Expressway.
NLEx, based on a petition filed with the Toll Regulatory Board, wanted to add P0.26 per kilometer on the current P2.37 per km closed system toll rates for class 1 vehicles (cars, jeepneys, pickup trucks and vans).
For class 2 vehicles (two-axle trucks, buses and vans), NLEx requested for additional P0.66 per km on the current P5.94 per km and class 3 vehicles (trucks and trailers with three or more axles).
NLEx president and chief executive Rodrigo Franco said the toll adjustment petition was of “extreme urgency” as the company would continue to suffer “great damage or irreparable injury “before a decision on the matter could be rendered by TRB.
“Failure to immediately impose and collect the adjusted toll rates would result to an outright delay or stoppage of urgently needed improvements and expansion of the NLEx,” he said.
NLEx and Cavitex Infrastructure Corp. each issued a notice of arbitration and statement of claim to the government last year to obtain compensation amounting to about P3 billion for NLEx and P877 million for Cavitex.
Franco said the total claims for overdue toll rate adjustment hit P6 billion.
“These accumulated tariff adjustments now represent material shortfall to the cash flow of MPTC and are constraining our ability to finance road construction necessary for continued economic growth,” Metro Pacific Tollways Corp earlier said.
MPTC will spend P125 billion in the next five years to build highways and toll roads around the Philippines to help ease traffic decongestion.
The company reported a core net income of P1 billion in the first three months, up 28 percent from P700 million a year earlier.