METRO PACIFIC Tollways Corp. (MPTC) and San Miguel Corp. said they signed a memorandum of agreement to design, build and operate the Cavite-Batangas Expressway (CBEX) and Nasugbu-Bauan Expressway (NBEX) projects, which are valued at P72 billion.

“Together with San Miguel, we envisage a future where our CBEX and NBEX can help pave the way for connectivity and economic growth in the Calabarzon region,” MPTC Chairman Manuel V. Pangilinan said in a statement on Tuesday.

“We look forward to leveraging our respective strengths for the realization of this vital infrastructure project,” he said.

Under the agreement, the two companies will be developing an almost 80-kilometer toll road that will connect MPTC’s Cavite-Laguna Expressway (CALAX) to Bauan, Batangas.

The joint project will encompass the 27.06-kilometer CBEX that will link CALAX Silang (Aguinaldo) Interchange to Nasugbu, Batangas and the 60.9-kilometer NBEX which will connect Nasugbu, Batangas to Bauan, Batangas.

“Our shared commitment to nation-building has led us to this historic collaboration. This collaboration stands as a testament to what we can achieve when we are united in purpose,” San Miguel President and Chief Executive Officer Ramon S. Ang said.

The two companies expect to break ground on the project next year with CBEX and NBEX expected to be completed and operational three years after, or in 2027.

In 2018, MPTC was granted the original proponent status for the 50.4-kilometer Cavite-Tagaytay-Batangas Expressway (CTBEX) project by the Department of Public Works and Highways, some segments of which overlapped with San Miguel’s unsolicited proposal for CBEX and NBEX, which were approved by the Cavite and Batangas governments.

“Both projects share the common goal of connecting the provinces of Cavite and Batangas through Tagaytay City and MPTC and SMC have come together as partners in this significant venture,” MPTC said.

Meanwhile, the two companies said the closing of the deal is subject to completion of certain conditions, which include the execution of procurement approvals and definitive agreements. 

MPTC is the tollways unit of the Metro Pacific Investments Corp. one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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