Metro Pacific Tollways Corp. is in talks with a foreign strategic investor to secure additional funding for the Cebu-Cordova Link Expressway (CCLEX) to enhance the project’s commercial viability.
“We’re doing everything to make it viable. We are looking for a strategic investor. Whatever it will infuse will all go to project expansion,” MPTC president and chief executive Rogelio Singson said.
Singson said CCLEX caters to almost 17,000 users daily, lower than the 60,000 vehicle traffic projection.
He said the company is selling a 45-percent equity in Cebu Cordova Link Expressway Corp. (CCLEC), and the proceeds will finance the toll road expansion.
“We are in talks with a foreign company,” Singson said.
The MPTC executive said the company would need at least P7 billion to expand the 8.9-kilometer toll bridge to city roads, including Bacalso Avenue and Lapu-Lapu City.
“We’ve been in talks with LGUs. Luckily, it’s an LGU concession. So hopefully, it will be easier,” Singson said.
The P27.10 billion CCLEX, which began commercial operations on April 30, 2022, is the first expressway in southern Philippines. It connects Mactan Island through Cordova town to mainland Cebu through the South Road Properties.
Meanwhile, MPTC said it is spending P6.3 billion to construct the Cavitex-Calax Link Project and the Cavitex C5 Link Segment 3B Project.
The P4.1-Cavitex-Calax Link will span 1.3 km. with 2×2 lanes, linking MPTC’s toll road networks in the south—the Cavitex and the ongoing Cavite-Laguna Expressway.
The P2.2-billion Cavitex C5 Link Segment 3B spans 2 km. that will connect Cavitex Paranaque in the west and C5 Road Taguig in the east.
Aside from CCLEX, MPTC also holds concession rights for North Luzon Expressway (NLEX), NLEX Connector Road, Subic-Clark Expressway (SCTEX), Manila Cavite Expressway, Cavite Laguna Expressway and toll road projects in Indonesia.