Citra to invest add'l $1.5B in Phl

MANILA, Philippines - The Citra Group of Indonesia is ready to invest an additional $1.5 billion for tollroad projects in the Philippines, including Stages 3 and 4 of the Metro Manila Skyway project as well as planned acquisitions.

In a briefing yesterday, PT Citra Marga Nusaphala Persada Tbk president Shadik Wahono said the group formed a new holding company, AAI, to own the shares of four Indonesian firms – Citra Marga Nusaphala Persada, Citra Lamtoro Gung Persada, Bhaskara Duniajaya and Matra Sarana Arsitama in Skyway concessionare Citra Metro Manila Tollways Corp. (CMMTC).

Wahono said the group has submitted to the government a proposal to undertake Stage 3 of the Skyway project, reaffirming its confidence in the Philippine economy. It just completed Skyway Stage 2 ahead of schedule in March this year in partnership with the Philippine National Construction Corp.

The third stage, which will extend from Buendia Ave in Makati to Balin-tawak, connecting North Luzon Expressway ((NLEX) to the South Luzon Expressway (SLEX), covers about 13 kilometers. The project is estimated to cost around P24 billion.

Wahono said the group, which has built its presence in the Philippines since 1995, has already raised the necessary funding to support the third and fourth phases of the Skyway project and new tollroad projects.

The fourth phase called Metro Manila Expressway, a component of the C6 Road, is a 57-km at-grade expressway that will link the Skyway System at FTI in the south with the north at San Jose del Monte. Passing through C6 in Taguig, Ortigas Ave. Extension, Marcos Highway, San Mateo and Montalban.

Stage 3 will run right over the Philippine National Railway tracks and 2.7 km over the Osmeña Highway. The construction involves linking the missing segment between Buendia and Balintawak.

The road will be connected in the north to Segment 10, which will be constructed through the cities of Caloocan and Valenzuela. The connector road is expected to have four entry and exit points at the C-3 Road in Caloocan, Buendia in Makati, and España and Quirino Avenue in Manila.

The project is expected to attract more investments to the south of the Manila area. It will also enhance trade, delivery of goods and services situated in Metro Manila and Southern Luzon.