Business

SCTEX contract finally awarded to MVP Group

The Manila North Tollways Corp., a unit of infrastructure giant Metro Pacific Investments Corp., has been issued the award notice by the Department of Public Works and Highways for the much delayed Subic-Clark-Tarlac Expressway (SCTEx) project.

The Manila North Tollways Corp., a unit of infrastructure giant Metro Pacific Investments Corp., has been issued the award notice by the Department of Public Works and Highways for the much delayed Subic-Clark-Tarlac Expressway (SCTEx) project.

The deal effectively recognizes MNTC as the winner for the right to manage, operate and maintain the 94-kilometer SCTEX for 33 years.

It is an unsolicited proposal approved by the NEDA board under the build-operate-transfer law for the design, construction, and operation of an 8-km elevated toll expressway over the right of way of the Philippine National Railways starting at the junction of the North Luzon Expressway (NLEX) Segment 10 at C-3 Road in Caloocan City.

NLEX will be seamlessly connected to the South Luzon Expressway (SLEX) through the Metro Manila Skyway Stage 3 project in Manila.

To win this project, MNTC offered an upfront cash payment of P3.5 billion, inclusive of 12 percent value-added tax to the Bases Conversion Development Authority in addition to the 50-50 sharing of gross revenues.

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