MANILA, Philippines – Metro Pacific Investments Corporation (PSE:MPI) confirms the article published by BusinessWorld Online entitled “MNTC proposes elevated expressway along C-5 road” dated December 4, 2016.
According to Metro Pacific, they confirmed the information contained in the news article. In addition, the company is hoping to have clarified the quoted disclosure in the interest of the public investors and trading participants.
The article published on the online portal of BusinessWorld claims that Manila North Tollways Corp. (MNTC) has submitted its unsolicited tender for an elevated expressway project with the government. The plan is inclusive of development along C-5 road in Ortigas, which is purported to be a solution for traffic congestion in the area.
Rodrigo E. Franco, MNTC President and Chief Executive Officer, stated that they have given their proposal to Department of Public Works and Highways (DPWH) and the Toll Regulatory Board (TRB) for the construction of an elevated expressway on C-5 road.
The building of a raised expressway will provide an alternative path getting around EDSA and Balintawak toll plaza going to North Luzon Expressway (NLEX). The constructor and operator of NLEX is MNTC.
The new link by C-5 will have to cover a distance of 7.85 kilometers (km) and begin from Mindanao Avenue’s Segment 8.1 end. The expressway will conclude at Quezon City’s Commonwealth Avenue.
Franco did not provide further details on the project, stating that they still have to finalize the elevated expressway’s arrangement.
The MNTC President also disclosed that they have submitted an official proposal to the TRB for NLEX Harbor Link Segment 10 extension. The project is valued between P6 billion to P7 billion. This is a development that may commence right away since there is no easement issue. Nonetheless, Franco stated that MNTC still has to finish the NLEX C-5 Link Project worth P8.6 billion prior the new elevated expressway building.
On the other hand, the first quarter of 2017 will see the start of Cavite-Laguna Expressway (CALAX) development. The work will take place first in Laguna with legal right issues to be resolved beforehand. The CALAX groundbreaking was moved to the aforementioned date since the government is still purchasing assets on the route of the toll road. The project is valued at P62.72 billion.
MNTC is Metro Pacific Investments Corp.’s subsidiary. It is among First Pacific Co. Ltd.’s three major divisions in the country. First Pacific is based in Hong Kong and holds PLDT, Inc. and Philex Mining Corp. as its units.