Metro Pacific Tollways Corp. is raising about P36 billion in the first quarter of the year to finance the construction of two new expressways in the south of Manila.
MPTC chief financial officer Christoper Lizo said the company would borrow P25 billion from local banks to build Cavite Laguna Expressway and another P11 billion to construct C5 South Link Expressway Project.
“It’s ongoing for C5 and Calax. We expect to have financial closure by first quarter of 2018,” Lizo said.
Unit MPCala Holdings Inc. is investing about P50 billion over nine years to construct Calax and pay the concession fees to the government.
MPCala Holdings earlier tapped Leighton Holdings of Australia to build the Cavite side and local contractor DMCI Consunj Inc. to construct the Laguna side of Calax.
Construction is expected to be completed by 2020, while operations and maintenance are set from 2020 to 2050.
Calax involves the financing, design, construction, operation and maintenance of a four-lane, 47-kilometer closed-system toll expressway connecting Cavitex and South Luzon Expressway.
The expressway will start from Cavitex in Kawit, Cavite and end at the SLEx-Malampasan Interchange in Biñan, Laguna.
MPTC is constructing Cavitex C5 South Expressway, linking C5 and Merville, Parañaque by way of a flyover, and a second phase to connect Merville and Cavitex.
The company is also building the P27.9-billion Cebu-Cordova Link Expressway project, a 8.25-kilometer bridge project that will connect Cebu City to Mactan Island via Cordova. The project is expected to be completed by 2020.
MPTC, in addition, is building the NLEx-SLEx Connector Road, an eight-kilometer, four-lane toll road linking the North Luzon Expressway and South Luzon Expressway, passing through Metro Manila and using the existing Philippine National Railway alignment as its route.
The MPIC group operates North Luzon Expressway, Subic-Clark-Tarlac Expressway and Manila-Cavite Toll Expressway.