MNTC reviews options on SCTEX project

MANILA, Philippines - Manila North Tollways Corp. (MNTC), a unit of Metro Pacific Tollways Corp. (MPTC), said yesterday it was reviewing its options with respect to the Subic-Clark-Tarlac Expressway (SCTEX) after it was declared as lone eligible bidder for the multi-billion peso tollroad project.

SCTEx, the biggest and most ambitious project to date of the state-run Bases Coversion Development Authority (BCDA), is a major infrastructure envisioned to serve as a backbone of development in the Central Luzon region.

MNTC president and chief executive officer Rodrigo E. Franco said while the BCDA has found MNTC’s financial bid short of the minimum requirements, the tollways firm has until Monday to file a request for a reconsideration.

Under the joint venture agreement rules of the National Economic and Development Authority, when financial bids fail to meet the criteria of a project, bidders can enter into a negotiation.

“The advantage of having MNTC operate and maintain the SCTEX is to facilitate the integration of SCTEX with North Luzon Expressway (NLEX) in order to give motorists greater benefits,” Franco said.

“MNTC will redesign and reconfigure certain toll plazas and the toll collection systems to achieve full integration of the two expressways. Customers will discover an even more pleasurable and convenient travel experience” Franco added.

MNTC, the concessionaire and builder of the 93- kilometer NLEX, has been the consistent industry leader and premium developer of tollways in the country.

For his part, MPTC president and chief executive officer Ramoncito S. Fernandez said MNTC has a proven track record in managing the NLEX to the highest global standards.

“The company’s robust financial performance is consistently validated with the highest credit rating of PRS Aaa from PhilRatings, the foremost credit rating agency in the country,” she said.

MPTC will soon open its Phase 2- Segment 8.1 expansion project that will link Mindanao Avenue to the NLEX mainline.

It will have the same modern and hi-tech features as the NLEX including a cloverleaf interchange, fully computerized toll collection system, efficient traffic management, and well maintained pavement.

Originally there were six firms that expressed interest to bid for SCTEX – Star Tollways Corp., San Miguel Corp., MNTC, Skyway operator Citra Group, India-based IL&FS Transportation Networks Ltd. and Amicus Holdings Inc.

But only MPTC and the consortium of San Miguel and Star Tollways, Northlink Toll Management Inc. submitted proposals to the BCDA.

Under the SCTEX privatization program, the winning bidder will enter into a lease or concession agreement with the BCDA to operate the SCTEX on an “as is, where is,” basis for a period of 33 and a half years from April 28, 2010 to Oct. 30, 2043.