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Rodrigo Franco, president of Manila North Tollways Corp. (MNTC), told The Manila Times that MPTC is looking at Japan International Cooperation Agency (JICA) financing to fund the construction of a 13-kilometer expressway using the Philippine National Railways' railroad alignment.
Franco, however, said that talks were "still in the initial stage," adding that the company has yet to decide the amount of the borrowings.
He said that the toll road is estimated to cost about P16.3 billion, including the right of way acquisition.
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.
Ramon Fernandez, president and chief executive of MPTC, had said the toll road linking NLEX and SLEX would be funded through a combination of official development assistance (ODA) and equity.
The company has programmed about P36 billion in capital expenditures over the next five years.
Besides the P16.3 billion toll road project, Fernandez said his company 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.
Its parent firm, Metro Pacific Investment Corp. (MPIC) is willing to sell to the public up to 40 percent of the company next year to raise money to finance its projects. At present, MPIC owns 99.85 percent of MPTC.
The company reported a net income of P607.6 million in the first half of the year from P446.5 million in the same period last year.
Its core income rose 6 percent to P636.4 million from P600.5 million in the same six-month period last year.
The tollway company attributed the improvement to the higher than expected traffic reported by MNTC and the higher contribution of Tollways Management Corp. (TMC).
To see more of The Manila Times, or to subscribe to the newspaper, go to http://www.manilatimes.net. Copyright (c) 2009, The Manila Times, Philippines Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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