METRO Pacific Tollways South Corp. (MPT South) aims to close roughly P25.3 billion in loans next month from local lenders to bankroll the construction of the Cavite-Laguna Expressway (Calax).
Luigi L. Bautista, the company’s president, said his group is near closing six loan deals with local banks to complete the financing of the P34.5-billion thoroughfare sometime in 2020.
“We are anticipating to close financing next month—roughly P25.3 billion—from six local banks. The said amount is for both the Laguna and Cavite sides,” he said in a chance interview.
The Metro Pacific Investments Corp. unit has already started the construction of the Laguna side of the expressway through its initial equity infusion. DM Consunji Inc. was tapped for the said segment.
It has yet to start with the Cavite side as the government has yet to deliver substantial portions of right-of-way. Leighton Asia won the contract for the said portion.
The P34.5-billion facility will start from Cavite Expressway (Cavitex) in Kawit, Cavite, and end at the South Luzon Expressway (Slex)-Mamplasan Interchange in Biñan, Laguna.
The project will involve building a four-lane expressway from these two points through congested residential and industrial areas in Kawit, Imus, General Trias, Dasmariñas and Silang in Cavite, through to Santa Rosa and Biñan in Laguna.
It will have eight interchanges and one main toll barrier.
Construction is expected to be completed by 2020, while operations and maintenance would be from 2020 to 2050.
MPCala Holdings Inc. won the bidding for the contract in the past administration. It was auctioned off through the Public-Private Partnership Program.
The Duterte administration adopted the project into its flagship infrastructure thrust called “Build, Build, Build” program.