MPTC tollway unit secures P24.2-billion loan from local banks

MANILA, Philippines — MPCala Holdings Inc., a unit of Metro Pacific Tollways Corp., has secured a P24.2-billion loan from six local banks to fund construction of the Cavite-Laguna Expressway (CALAx) project.

MPTC chief financial officer Christopher Lizo said the firms closed last week the loans from BDO, UnionBank, RCBC, BPI, Security Bank and Landbank.

“It covers the project cost and the concession fees,” Lizo said.

CALAx is a 45-kilometer (km), four-lane expressway that will link the Manila Cavite Toll Expressway (Cavitex) and the South Luzon Expressway (SLEX).

The project will start at Cavitex in Kawit, Cavite and end at the SLEX-Mamplasan interchange in Biñan, Laguna.

The Cavite segment will cover 27-km, while the Laguna segment will span 18-km.

Lizo said the company is ahead in the construction of some sections of the project, while it is also facing delays in some sections due to right of way issues.

He said commercial operations of three sections spanning some 10 kms would start in July next year.

“We’re opening Sections 6 to 8 which is from Mamplasan to Santa Rosa in July. That’s ahead of schedule. We’re opening three sections ahead by one year. That is on the Laguna side. Cavite side admittedly delayed due to right of way,” Lizo said.

MPCALA was awarded the P35.43 billion CALAx project under the public private partnership program during the previous administration.

Last July, the Department of Public Works and Highways granted the original proponent status to MPTC’s 50.42-kilometer Cavite-Tagaytay-Batangas Expressway (CTBEx), a project expected to cost P22.43 billion.

CTBEx will connect from the west of Silang East Interchange of the Cavite Laguna Expressway and will pass through

Silang, Pook, Amadeo, Tagaytay, Mendez, Alfonso, Magallanes, Tuy and Nasugbu.

The project was conceived in early 2016 in line with MPTC’s desire and commitment to help bring progress to the western part of Southern Luzon.

MPTC is the road infrastructure arm of conglomerate Metro Pacific Investments Corp. which also operates the North Luzon Expressway, the Subic-Clark-Tarlac Expressway, and is currently constructing the Cebu-Cordova Link Expressway.