MPCala Holdings Inc., a unit of Metro Pacific Tollways Corp., obtained a P24.2-billion loan from six local banks to partly finance the construction and concession fee for the Cavite Laguna Expressway project.
MPTC chief financial officer Christopher Daniel Lizo told reporters that MPCala signed on Dec. 21 a P24.2-billion loan with Banco De Oro Unibank Inc., Union Bank of the Philippines, Rizal Commercial Banking Corp., Bank of the Philippine Islands, Security Bank Corp. and Land Bank of the Philippines.
Lizo said the loan would partly cover the project cost and concession fee to the government.
MPCala is paying P27.3 billion in concession fee to the government for the construction of Calax.
Calax, one of the largest public-private partnership projects, involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex (Manila–Cavite Expressway) and South Luzon Expressway.
The P35.43-billion expressway will start from Cavitex in Kawit, Cavite and end at the SLEx-Mamplasan Interchange in Biñan, Laguna.
Lizo said MPCala planned to open the Mamplasan to Sta. Rosa section of Calax by July next year.
Construction is expected to be completed by 2020, while operations and maintenance would last until 2050.
MPCala tapped Leighton Holdings of Australia to build the Cavite side and local contractor DMCI Consunji Inc. to construct the Laguna side.
MPCala also secured the original proponent status from the Public Works Department for its unsolicited proposal to build the P22.43-billion Cavite-Batangas Expressway.
CTBex is a 49-kilometer expressway that will connect Cavite and Batangas, with a spur road to Tagaytay City and ultimately terminating in Nasugbu, with another spur road to Tuy, Batangas.
The is expected to start construction by the first quarter of 2019 and to be completed by the first half of 2022.
Once completed, the project would cut travel time from Sta. Rosa, Laguna to Nasugbu, Batangas from 2.5 hours to just an hour.
The project will start at Silang East Interchange of Cavite-Laguna Expressway. The alignment will traverse the towns of Silang, Amadeo, Mendez and Alfonso in Cavite, Tagaytay City and Nasugbu in Batangas.
MPTC is also constructing the P27.9-billion Cebu-Cordova Link Expressway project. The 8.25-km bridge project, set to be completed by 2020, will connect Cebu City to Mactan Island via Cordova.
The group is also building the NLEx-SLEx Connector Road, an elevated expressway to connect the northern and southern toll road systems at a cost of P23 billion.
MPCala is a subsidiary of the Metro Pacific Tollways South Corp., a unit of Metro Pacific Tollways Corp., the infrastructure arm of Metro Pacific Investments Corp.