Eric Tipan / PIA | July 20, 2015 09:00
Metro Pacific Investments gives Php 5.4 billion check to DPWH
The Department of Public Works and Highways (DPWH) has received, in a formal ceremony witnessed by President Benigno S. Aquino III, a Php 5.4 billion check from Metro Pacific Cavite-Laguna Expressway (MPCALA) Holdings Inc.
Handed over by Metro Pacific Investments Corp. Chairman Manny Pangilinan, the amount represents 20-percent of the Php 27.3 billion concession fee that MPCALA bid for the construction of the Cavite-Laguna Expressway project.
MPCALA, a subsidiary of Metro Pacific Investments Corp., was awarded concession rights to the Cavite-Laguna (CALA) Expressway project after submitting the highest bid through a competitive public bidding process.
As the sole concessionaire, MPCALA will design, finance, construct, operate and maintain the CALA Expressway and also has the right to collect toll fees over a 35-year concession period.
The CALA Expressway is a 45-kilometer, four-lane tolled expressway that will cost an estimated Php 55 billion to construct. It will make commercial transactions travelling routes from Metro Manila to Laguna and Cavite much faster.
It is among the government’s priority projects and has been identified as one of the ‘critical infrastructure components in the Study of the Master Plan on High Standards Highway Network Development being implemented by the DPWH.’