MPIC seeks funding for C-5 link project

MANILA, Philippines - Infrastructure giant Metro Pacific Investments Corp. (MPIC) is in talks with banks to secure funding for the P9 billion C-5 (Circumferential Road 5) Link Expressway project.

Cavitex Infrastructure Corp. which is part of MPIC unit Metro Pacific Tollways Corp. (MPTC), will be working on the project which covers an eight kilometer tollroad to link C-5 in Taguig City to R-1 (Coastal) Expressway.

MPTC chief finance officer Christopher Lizo told reporters the company is in preliminary discussions with local banks to obtain funds for the project.

The funding for the project would comprise 70 percent debt and 30 percent equity from the company.

“The whole stretch is P9 billion so we’ll probably do it in segments. The first segment, Merville, is P2 billion. We’ll do the P2 billion first, (in the) first quarter,” Lizo said.

He said the company would likely spend the P2 billion for the first segment next year, while the rest of the amount will be poured in 2017 and 2018 to open the two segments of the tollroad by 2019.

While the Cavitex has received the notice to proceed with the project from the Toll Regulatory Board, the company has requested some revisions on the tollway and is awaiting the agency’s approval.

“Hopefully, we get it before the end of the year so we can start construction,” Lizo said.

The C-5 Link Expressway is part of the existing concession of the Cavitex for the Manila-Cavite Expressway.

Once completed, the C-5 Link Expressway is expected to provide relief to traffic congestion in Parañaque City, particularly for residents of Merville, Moonwalk and Multinational villages.

The project is likewise seen to provide safe, fast and convenient expressway travel for users in other areas such as Cavite, Las Piñas,Taguig, and Makati.

MPTC is the country’s largest toll road operator.

Aside from the Manila-Cavite Expressway, MPTC also operates the North Luzon Expressway and the Subic-Clark-Tarlac Expressway.