MANILA, Philippines - The 88-kilometer Tarlac-Pangasinan-La Union Toll Expressway (TPLEX) project was named as the Asia-Pacific Transport Deal of the Year 2011 by a London-based magazine.
In a statement, the Department of Public Works and Highways (DPWH) said that Euromoney Publications’ Project Finance Awards lauded the TPLEX.
DPWH Secretary Rogelio Singson said the citation from an international magazine with global subscribers for an all-Filipino road project is confirmation that the Philippines is pursuing the right approach for infrastructure development.
The 88-kilometer two-lane TPLEX, which connects Central Luzon and Northern Luzon, is a first of its kind to be implemented through the public-private partnership (PPP) program in pursuing the objective of developing an all-Filipino infrastructure project.
The Aquino administration recognized the PPP program as an effective way to invest resources for adequate road infrastructure inasmuch as the national government has less financial resources to invest in expressways.
The project was awarded through bidding to the concession of Private Infrastructure Development Corp. (PIDC) led by San Miguel Corp. and D.M. Consunji, Inc.
Compared to earlier transportation projects, bidding award for the TPLEX project was based on lowest toll offered rather than lowest construction cost. The bidders were also compelled to provide letters of interest from lenders rather than underwritten commitments.
Euromoney Publications’ Project Finance Awards started 13 years ago for innovations, deal repeatability, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects, large or small.
Deals of the Year are vetted by the magazine’s team of journalists and shortlisted via a weighting system based on categories.
Presently, the concerted effort of six contractors – namely R.D. Policarpio & Co., C.M. Pancho Construction Inc., New Kanlaon Construction, Inc., D.M. Wenceslao & Associates, J.E. Manalo & Company, and D.M. Consunji, Inc. – has posted 67 percent cumulative work accomplishment for Section 1 of the project covering Tarlac City to Carmen, Pangasinan.
Also under the PPP framework, the concession agreement for the four-kilometer Daang Hari-South Luzon Expressway Link Road Project won by the Ayala group during the December 2011 open, transparent and competitive bidding at the DPWH Central Office was signed by Secretary Singson and Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala last April 3.