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Ramoncito Fernandez, MPTC president and chief executive told reporters that the company has programmed P36 billion in capital expenditures for the period.
He said the company would spend P16.3 billion to construct a 13-kilometer expressway on top of the railroad of the Philippine National Railways (PNR) that will link the North Luzon Expressway (NLEX) and South Luzon Expressway (SLEX).
"We're looking at different sources of funds--ODA [official development assistance] and/or private financing to finance the project," Fernandez said.
The NLEX-SLEX Skyway, which is expected to start next year will connect C3 in Caloocan City and the end of the Skyway in Buendia in Makati City.
"We will use the right of way of PNR to build an expressway on top of it from Buendia to NLEX," Fernandez said.
Once completed, the travel time from south to north and vice versa will take about 15 to 20 minutes.
Fernandez also said that MPTC has budgeted about P10 billion to fund an expressway connecting NLEX to the Port Area and C3.
In addition, the construction of a 2.3-kilometer road that will connect Mindanao Avenue to NLEX, south of the existing Valenzuela interchange, will cost about P2.1 billion.
Fernandez said the construction began in April.
Rodrigo Franco, president and chief executive of the Manila North Tollways Corp. (MNTC) said the project would be funded through a P2.1-billion loan from the Philippine National Bank.
MPTC earlier said that it is in talks with the major shareholders of Citra Metro Manila Tollways Corp. to increase its investment in the Skyway 2 project from Bicutan to Alabang.
Metro Pacific Investment Corp. (MPIC), the parent firm of MPTC and MNTC, owns 5 percent of the Skyway project.
Earlier, Manuel V. Pangilinan, MPIC chair, said the company plans to raise between $200 million and $300 million through private placements or a public offering.
The company plans to sell up to 3.5 billion shares to raise its public float. The proceeds will be used to finance its expansion plans.
Pangilinan earlier said that First Pacific Co. Ltd., the Hong Kong-based parent firm of MPIC, was amendable to cut its stake in its Philippine unit to 70 percent or 75 percent to boost its liquidity.
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