Consortium to spend initial P500M for tollway project
By JUDITH BALEA
abs-cbnNEWS.com
A consortium of private contractors that won the 35-year contract to build, operate and maintain the Tarlac-La Union toll expressway (TLUTex),
needs P500 million as initial capital for the project, whose construction will start by September.
"We need it for our first year of construction. That's our first major capex," said Rogelio Murga, chairman of the 10-member Private Infra Dev Corp. (PIDC).
"We already have P250 million in paid-up equity from all shareholders and we're trying to raise another P250 million," he added.
As support to the government's super region infrastructure program, PIDC is set to undertake the P15-billion road project that will span 88.5 kilometers from La Paz, Tarlac to Rosario, La Union.
PIDC said the four-lane expressway would provide massive farm-to-market roads, lower vehicle operating costs and cut by half the travel time from Manila to Baguio City, a prime tourist destination in the country.
The TLUTex's first section from Tarlac up to Carmen, Pangasinan is slated for completion and operation by 2010 while full tollway operations is expected by 2013.