NLEX Corp. is spending over P2 billion to expand the Subic Freeport Expressway to accommodate growing vehicle traffic, a top executive said over the weekend.
NLEX president and chief executive Rodrigo Franco said SFEx or the Tipo section of the Subic-Clark-Tarlac Expressway to Subic Bay Metropolitan Authority would be expanded from 1x1 lane to 2x2 lanes in each direction.
“We are spending over P2 billion for the project but we are still calibrating that,” Franco said.
Franco said the investment proposal would be submitted to the Toll Regulatory Board by October, while construction was expected to start next year.
SFEx, which was constructed in time for the Asia Pacific Economic Cooperation meeting in Subic in 1996, is now a part of SCTEx.
NLEX holds the concession to manage, operate and maintain SCTEx, a 93.77-km four-lane highway, traversing the provinces of Bataan, Pampanga and Tarlac.
The company reported a net income of P2.3 billion in January to June, up 17 percent from last year’s P2 billion on higher toll revenues at North Luzon Expressway and SCTEx and efficient utilization of resources covering toll operations and maintenance costs.
NLEX said toll revenues increased 8 percent in the six-month period to P5.7 billion from P5.2 billion a year ago, led by the increase in traffic from both NLEx and SCTEx operations.
Average daily traffic along NLEx reached 233,652 daily entries in the first half, or 7 percent higher than the same period last year, while average daily traffic at SCTEx reached 54,991 daily entries, up by 24 percent from a year earlier.
NLEX earlier submitted an unsolicited proposal to build the P60-billion C5 Expressway, a 21.8-kilometer elevated toll road from the end of NLEX Segment 8.2 on Luzon Avenue, Quezon City to Cavitex C5 South Link.
The project will complete the missing segment of the C5 Circumferential Expressway alignment, a crucial component of the Metro Manila Urban Expressway Network. (Darwin G. Amojelar, Manila Standard)
PHOTO:
A portion of the Subic Freeport Expressway (SFEx)
(source: https://en.wikipedia.org/wiki/Subic%E2%80%93Tipo_Expressway)
http://manilastandard.net/business/banking-report/244950/nlex-to-expand-subic-expressway.html
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