MPIC claims for overdue toll adjustments bloat to P7.5 B

MANILA, Philippines - Metro Pacific Investments Corp.’s claims for overdue toll adjustments  for the North Luzon Expressway (NLEX) and Manila-Cavite Toll Expressway (CAVITEX) have reached P7.5 billion as of June, NLEX Corp. president and chief executive officer Rodrigo Franco told reporters, yesterday.

Franco said the amount continues to increase everyday.

MPIC, through NLEX Corp., filed a notice of arbitration against the government in April last year to seek compensation worth about P3 billion for toll rate adjustments for NLEX.

The toll rate adjustments were due to take effect in January 2013 and January 2015.

In April last year, MPIC through Cavitex Infrastructure Corp. also issued a notice of arbitration and statement of claim to the government to obtain P877 million in compensation for the latter’s inaction on the toll hike petition for CAVITEX.

Toll rate adjustments for CAVITEX were due to take effect on Jan.1, 2012, Jan.1, 2014 and Jan. 1, 2015.

Earlier, Romulo Quimbo Jr., senior vice president for legal, regulatory and government regulations at NLEX Corp. said the group is willing to have a settlement with the government for overdue toll rate adjustments to avoid the prolonged litigation.

He said the group is open to various options it could offer to the government including making staggered payments or extending the concession period.

Aside from NLEX and CAVITEX, MPIC also operates the Subic-Clark-Tarlac Expressway.

MPIC was also awarded other tollway projects such as the Cavite-Laguna Expressway, Cebu-Cordova Link Expressway and NLEX-South Luzon Expressway Connector Road.