MANILA, Philippines - Citra Central Expressway Corp., a unit of diversified conglomerate San Miguel Corp. (SMC), would spend this year about P5.4 billion of the total P27-billion Metro Manila Skyway Stage 3 project that would connect the North Luzon expressway and the South Luzon expressway.
SMC president and chief executive officer Ramon S. Ang said in an interview with reporters that about 20 percent of the total P27-billion project cost for the NLEX-SLEX connector road would be used this year.
“Usually if you award a project like this you will have to pay a downpayment of 20 percent. So 20 percent of (roughly) P27 billion is the initial funding,†Ang said.
He pointed out that construction would start in April and is expected to be completed within 36 months, generating jobs for about 6,000 workers.
He added that the project involves the construction of a 14.8-kilometer six-lane elevated expressway that would connect the end of Skyway in Buendia, Makati City to Balintawak in Quezon City.
Ang said the project would help decongest the major thoroughfares of Metro Manila particularly EDSA and circumferential road (C5).
“It will also reduce travel time from Buendia to Balintawak from two hours to 20 minutes or less,†he explained.
Of the total project cost for the connector road project, Ang revealed that about 20 to 30 percent would come from equity shareholders, while the remaining 70 to 80 percent would be sourced from debt.
The proponent and concessionaire of the proposed Metro Manila Skyway Stage 3 has tentatively scheduled the groundbreaking for the project within the month and would start advance works including excavation, bored piling, pile cap and column works along Osmeña Highway from F. Torres Street towards Quirino Ave. in Manila.
Aside from SMC, other partners in the concessionaire include Citra Lamtoro Gung Persada and the state-run Philippine National Construction Corp. (PNCC).
The company intends to construct a double deck roadway along certain sections of the Stage 3 alignment from Plaza Dilao to N. Domingo in San Juan City and after Quezon Ave. up to the end of Bonifacio Blvd. in Sgt Rivera.
Late last September, Malacanang gave CCEC the green light to start the construction of the 14.8-kilometer expressway that would connect the North and South Luzon tollroad systems decongesting traffic in Metro Manila including EDSA, C5 Road, and Central Manila.
The elevated expressway starting at the end of the existing Skyway Stage 1 in Buendia would run through the length of Osmena Highway, Quirino Ave., Paco, Sta. Mesa via the Nagtahan flyovers, traverse Aurora Blvd and Araneta Ave. up to Sgt. Rivera Road and end at the bend of A Bonifacio Ave. towards NLEX.