MPTC eyes debt market for P23-B road project

Hong Kong – Metro Pacific Tollways Corp. (MPTC) is looking to tap the debt market or issue shares to partly fund the construction of a P23 billion four-lane expressway linking the northern and southern parts of Metro Manila.

MPTC chief financial officer Christopher Lizo said the group is studying various options to raise funds for the massive tollroad project.

Lizo said they expect the connector road project to be up and running by June 2016 or even before President Aquino steps down from office.

The group waiting for the Toll Regulatory to approve its joint venture proposal with the Philippine National Construction Corp. for the construction of respect the connector road project.

Securing the TRB’s approval would allow MPTC to proceed with the construction of elevated expressway which is seen to be the alternative to Edsa and C-5.

The TRB is scheduled to meet on December 17 to discuss the joint investment proposal. 

The project aims to decongest traffic in Metro Manila and cut travel time between the two road systems to as short as 20 minutes from the current one hour or more.

Meanwhile, Lizo said the group expects traffic volume to grow by five percent and 12 percent at the North Luzon Expressway and the Cavitex tollroad, respectively, by yearend.

He said, the biggest challenge for the group is the non-adjustment of rates at the Cavitex, a 14 kilometer toll road that runs from Parañaque to Cavite with average  traffic of 100,000 vehicles a day.

The group is also looking to expand the 90-kilometer NLEX to widen the portion in Sta. Rita to San Fernando as well as Dau and Sta. Ines.

MPTC is the largest toll road player in the country, operating 64 percent of the total 300 kilometers of tollroads.