MVP Group to spend P130.5B to build new tollroads
Metro Pacific Tollways Corp. is shelling out P130.5 billion in the next five years to build highways and tollroads across the country.
The tollroad unit of infrastructure conglomerate Metro Pacific Investments Corp. is working on several projects which include the P55.9 billion Cavite-Laguna Expressway, the P11.7 billion Manila-Cavite Expressway C5 Southlink, and the P27.9 billion Cebu-Cordova Link Expressway.
“In order to fund this, it is imperative that overdue tariff increases, now ranging between 20 percent and 48 percent in different parts of the network, be implemented,” MPTC said.
Last year, NLEX Corp. and Cavitex Infrastructure Corp. each issued a notice of arbitration and statement of claim to the government to obtain compensation amounting to about P3 billion for NLEX and P877 million for Cavitex.
As of May, the total claims for overdue toll rate adjustments reached P6 billion.
“We are in constructive dialogue with the new administration on how to achieve this,” MPTC said.
The Metro Pacific Group, which corners 60 percent of the country’s toll road industry, operates North Luzon Expressway, Subic Clark Tarlac Expressway and the Manila Cavite Expressway.