MANILA, Philippines - Manila North Tollways Corp. (MNTC), a unit of Metro Pacific Investments Corp. (MPIC), has assumed operations of the Subic-Clark-Tarlac Expressway (SCTEx) after receiving the Toll Operation Certificate (TOC) from the government.
In a disclosure to the Philippine Stock Exchange yesterday, MPIC said the MNTC received the TOC covering the operation and maintenance of the SCTEx from the Toll Regulatory Board on Oct. 23.
The MNTC was awarded the contract to manage, operate and maintain the 94-kilometer SCTEx traversing the provinces of Bataan, Pampanga and Tarlac, during a price challenge in January.
The business and operating agreement gives MNTC the right to operate and manage SCTEx for 33 years, while BCDA would be relieved of payment of the P34-billion debt to the Japan International Cooperation Agency for the construction of the tollway.
For the price challenge, MNTC offered an upfront cash payment of P3.5 billion, inclusive of 12 percent value-added tax to the BCDA in addition to the 50-50 sharing of gross revenues.
MNTC, the tollways arm of infrastructure giant MPIC, is the concessionaire of the North Luzon Expressway.
Aside from tollways, MPIC is involved in other businesses such as healthcare, power generation and distribution, and water utility.
“Our team looks forward to implementing world class seamless travel for our NLEx and SCTEx motorists. We remain committed in delivering safe, convenient travel to our motorists,” Ramoncito Fernandez, president of MNTC’s parent firm Metro Paci-fic Tollways Corp. said.
He added that the concession further solidifies Metro Pacific’s leadership in the Philippine toll road industry.