The 93.8 kilometer toll road project will connect the two former US military facilities which were both converted into progressive economic zones and were envisioned to play vital roles in the socio-economic agenda of President Arroyo.
Mrs. Arroyo who initiated the concept of developing Central and Northern Luzon during her term as assistant secretary for the Department of Trade and Industry in 1995, has identified the area as the alternative growth area that could decongest Metro Manila.
The ceremonial capsule laying was led by Bases Conversion and Development Authority (BCDA) president and CEO Narciso Abaya, Subic Bay Metropolitan Authority (SBMA) chairman Francisco Licuanan III and Japanese Ambassador Ryuichiro Yamasaki.
The project is being financed through a special yen loan assistance granted by the Japan Bank for International Cooperation (JBIC).
It aims to provide an easy access to the Subic international container port facility and the cargo and passenger airport facility of the Diosdado Macapagal International Airport (DMIA).
SCTEP will provide the shortest direct access and most efficient link to the four economic zones in the region namely the Subic Bay Freeport, the Morong Special Economic Zone in Bataan, the Clark Special Economic and the Central Techno Park in Tarlac.
Abaya said the toll road project is the starting point of BCDA’s major infrastructure program in Central Luzon which would serve as the backbone of the new Subic-Clark-Tarlac economic growth corridor.
"The growth corridor will create the impetus for rapid economic advancement providing efficient road networks," Abaya added.
Licuanan said the SCTEP will provide farmers, fisher folks and businessmen of Central and Northern Luzon a wider market to trade their goods and services resulting in higher production and income.
The road project is divided into two packages. The first, a composed 50.5-kilometer stretch from Subic to Clark, was awarded to a Japanese construction conglomerate consisting of Kajima Corp., Obayachi Corp., JFE Engineering Corp., Mitsubishi Heavy Industries. The second portion, a 43.27-kilometer stretch from Clark to Tarlac, which will be built by Hazam-Taisei-Nippon Steel Joint Venture. The completion target of the road is set for the last quarter of 2007.
Former SBMA Chairman Felicito C. Payumo who also graced the occasion told The STAR that the SCTEP and Subic Port Development are "complimentary" and will benefit not only Central and North Luzon but the economy of the entire country as well.
Payumo said the road project will enable the port of Subic to increase its cargo handling capacity from the present 53,000 to 600,000 TEU’s. The first berth with a capacity of 300,000 TEUs will be finished by 2005-2007, while the second berth will be completed in 2009.
"With the construction of this new road and a world-class container port, we shall partake not only of this trade but of the predicted capacity shortage estimated at 40-million TEUs in Asia Pacific region," Payumo added.