spot_img
29 C
Philippines
Thursday, March 28, 2024

SMC earmarks P7.4b for SLEX, Lucena toll road

- Advertisement -

SMC SLEX Inc. said Tuesday it is allocating P7.4 billion for 2023 capital expenditures this year to partially finance the construction of an expressway from Batangas to Lucena and repair and maintenance of South Luzon Expressway.

The company said P6.77 billion of the budget would be used to finance the Toll Road 4 and SLEX’s widening projects.

It launched in March 2019 the construction of the 66.74-kilometer TR4 that would connect Sto. Tomas, Batangas to Lucena.

The toll road will shorten the travel time from Sto. Tomas to Barangay Mayao in Lucena from the usual three hours to just 45 minutes.

The P26.1-billion project is expected to be completed by 2026. TR4 is a part of SLTC’s 30-year concession which will last until 2036.

- Advertisement -

The toll road will be divided into six sections, including Sto Tomas, Batangas to Makban in Laguna (11.32 km.); Makban to San Pablo City (12.75 km.); San Pablo to Tiaong in Quezon (7.5 km.); Tiaong to Candelaria (15 km.); Candelaria to Tayabas (10.21 km.); and Tayabas to Lucena (9.96 km.).

SMC SLEX also allocated P102.4 million for road and facilities repair and P582 million for equipment acquisition for toll collection system.

The company spent P1.26 billion for periodic repair and restoration activities.

SMC SLEX earlier booked a net income of P3.49 billion last year, up 33 percent from P2.62 billion in 2021.

Toll revenue amounted to P6.44 billion, an increase of 16 percent from P5.57 billion 2021. This was also 3 percent above the pre-pandemic figures of P4.555 billion.

SLEX achieved an annual average daily traffic of 376,267 in 2022, higher by 12 percent than the 2021 AADT of 335,900.

This was also 3 percent above the pre-pandemic figure of 366,189 with the easing of mobility restriction to Alert Level 1 beginning March 1, 2022.

Volume increased across all classes with highest increase in class 1 and 2 by 13 percent and 10 percent, respectively.

Average transaction mode was 73 percent for RFID and 27 percent for cash in 2022.

- Advertisement -

LATEST NEWS

Popular Articles