METRO PACIFIC Tollways Corp. (MPTC) said it’s assessing the viability of its planned “NLEX Air,” an elevated tollway designed to assist ease rising congestion along the northern stretch of the North Luzon Expressway (NLEX).
“We want to work on expanding NLEX, sumisikip na (it’s getting congested already). The space between Balintawak and Marilao is getting decongested. We want to work on that,” MPTC President and Chief Executive Officer Gilbert F. Santa Maria told reporters on the sidelines of an event last week.
“What we are attempting to work out now could be what’s the optimal alignment that may maximize development for the longer term without crippling us financially,” he added.
The feasibility study comes as MPTC recently raised P20 billion from a fixed-rate bond issuance to finance projects and refinance existing loan facilities.
Its P15-billion fixed-rate bonds were oversubscribed by P5 billion.
The offer period ran from Nov. 17 to 21, with the bonds issued and listed on the Philippine Dealing & Exchange Corp. (PDEx) on Tuesday, Dec. 2.
Proceeds from the bond sale will help manage the corporate’s debt and fund projects corresponding to the Cavite-Laguna Expressway (CALAX) and the Lapu-Lapu Expressway (LLEX).
Mr. Santa Maria said the total CALAX alignment stays on target for completion by 2026, while the corporate is currently bidding out contracts for Phase 1 of LLEX.
MPTC is the tollways unit of Metro Pacific Investments Corp. (MPIC), certainly one of three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd.
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