INFRASTRUCTURE conglomerate Metro Pacific Investments Corp. (MPIC) will once again flex its financial muscle to construct a multibillion-peso 45-kilometer superhighway that will link two provinces in the Southern Tagalog region.
During the groundbreaking ceremonies for the P34.5-billion Cavite-Laguna Expressway (Calax), Luigi L. Bautista, who sits as president at MPCala Holdings Inc., said the group has tapped as much as five banks to help finance the project.
A total of P23.6 billion will be sourced from local banks, while the balance will be funded through equity. “Our financial advisor recommended four or five banks. They will all contribute to the syndicated loan we are closing,” he added in a mix of English and the vernacular. “We should be closing the deal this month.”
Construction works for the first section of the expressway, the 18-km segment in Laguna, started on Monday. Metro Pacific tapped DM Consunji Inc. for the construction of the Laguna portion, while the Cavite segment will be undertaken by Leighton Contractors Philippines Inc.
“We have talked about this Calax project for many years in the previous administration. We’re glad this day has come for us to begin this golden age of infrastructure,” Chairman Manuel V. Pangilinan said.
Bautista said an estimated 5,000 jobs will be created with the construction of the Calax for three years and throughout its concession period.
Employment will be generated, not only by those who will design, build and operate the facility, but also economic opportunities for those who invest, work, live or commute around the Cavite-Laguna corridor.
“The road network in Cavite and Laguna will be radically transformed—as will transportation, housing and employment opportunities—for people along the expressway and surrounding areas,” Bautista added.
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.
The project 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.
“The road-construction project from Tirona Highway to the end of Greenfield near Mamplasan Exit, Laguna, will be closely monitored, so that by 2020, our travel time from Cavitex to Slex will be reduced to only 45 minutes,” Public Works Secretary Mark A. Villar said.
A priority project of the government’s thrust for infrastructure building, Calax will ease travel through the fast-growing areas of Kawit, Imus, General Trias, Dasmariñas and Silang in Cavite, as well as Santa Rosa and Biñan in Laguna, and provide a convenient new corridor for a safe and reliable commute through Southern Tagalog.
Pangilinan said his group will deliver everything required of the company. However, he reminded the government to also do its part.
“Just give us the right of way, and we’ll give you the road. We will finish this before President Duterte’s term ends. All of these projects, we promised to Duterte and his Cabinet way ahead of 2022—that is a promise,” he added. Metro Pacific Tollways is the largest toll road operator in the Philippines. Its portfolio of expressways include the North Luzon, the Subic-Clark-Tarlac, the Manila-Cavite Toll and the future Cebu-Cordova Link Expressways.
During the groundbreaking ceremonies for the P34.5-billion Cavite-Laguna Expressway (Calax), Luigi L. Bautista, who sits as president at MPCala Holdings Inc., said the group has tapped as much as five banks to help finance the project.
A total of P23.6 billion will be sourced from local banks, while the balance will be funded through equity. “Our financial advisor recommended four or five banks. They will all contribute to the syndicated loan we are closing,” he added in a mix of English and the vernacular. “We should be closing the deal this month.”
Construction works for the first section of the expressway, the 18-km segment in Laguna, started on Monday. Metro Pacific tapped DM Consunji Inc. for the construction of the Laguna portion, while the Cavite segment will be undertaken by Leighton Contractors Philippines Inc.
“We have talked about this Calax project for many years in the previous administration. We’re glad this day has come for us to begin this golden age of infrastructure,” Chairman Manuel V. Pangilinan said.
Bautista said an estimated 5,000 jobs will be created with the construction of the Calax for three years and throughout its concession period.
Employment will be generated, not only by those who will design, build and operate the facility, but also economic opportunities for those who invest, work, live or commute around the Cavite-Laguna corridor.
“The road network in Cavite and Laguna will be radically transformed—as will transportation, housing and employment opportunities—for people along the expressway and surrounding areas,” Bautista added.
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.
The project 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.
“The road-construction project from Tirona Highway to the end of Greenfield near Mamplasan Exit, Laguna, will be closely monitored, so that by 2020, our travel time from Cavitex to Slex will be reduced to only 45 minutes,” Public Works Secretary Mark A. Villar said.
A priority project of the government’s thrust for infrastructure building, Calax will ease travel through the fast-growing areas of Kawit, Imus, General Trias, Dasmariñas and Silang in Cavite, as well as Santa Rosa and Biñan in Laguna, and provide a convenient new corridor for a safe and reliable commute through Southern Tagalog.
Pangilinan said his group will deliver everything required of the company. However, he reminded the government to also do its part.
“Just give us the right of way, and we’ll give you the road. We will finish this before President Duterte’s term ends. All of these projects, we promised to Duterte and his Cabinet way ahead of 2022—that is a promise,” he added. Metro Pacific Tollways is the largest toll road operator in the Philippines. Its portfolio of expressways include the North Luzon, the Subic-Clark-Tarlac, the Manila-Cavite Toll and the future Cebu-Cordova Link Expressways.
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