NLEX Corporation (NLEX Corp.) is looking to boost its expressway maintenance and future projects as it signs a Php 10,000,000,000 loan agreement with the Bank of the Philippine Islands (BPI).
The P10-billion loan will be used to fund NLEX Corp.’s ongoing and future projects that are seen to boost the convenience and safety of motorists traversing its expressways. The company shared that the proceeds will also partially fund its capital expenditures and refinance its maturing debt.
Metro Pacific Tollways Corporation (MPTC) President and CEO Rogelio S. Singson said that the loan shows the company’s commitment in “providing faster and more convenient travel” and it focuses on improving [their] expressways and beyond just building roads.”
One of the ongoing and future projects of the NLEX Corp. that will benefit from the P10-billion loan from BPI is the Candaba 3rd Viaduct. Of note, NLEX Corp. is a subsidiary of the MPTC, the toll road arm of the Metro Pacific Investments Corporation (MPIC).
The NLEX Candaba 3rd Viaduct project is a new five-kilometer bridge in the middle of the two existing viaducts between Pampanga and Bulacan. NLEX Corp. said that it is expected to be completed by the fourth quarter of 2024.
The said project will be built together with the Leighton Asia construction company, and it is seen to boost the safety and convenience of motorists. The reason for such is that it will have an increased road capacity featuring three lanes with inner and outer shoulders in each direction.
“This project is just one of our company’s major initiatives in solving the growing traffic demand of the north. In partnership with the government, we aim to contribute to elevating the transportation system of the country,” said NLEX Corp. President and General Manager J. Luigi L. Bautista.
The P10-billion loan will also be allocated for the company’s repairs and maintenance of its expressways or highways to ensure safe travel for motorists.
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