MANILA — The Board of Directors of Metro Pacific Tollways Corp. (MPTC) has authorized the company to secure a credit line or standby letter of credit of up to PHP8 billion from local or international financial institutions to support its future toll road and infrastructure projects.
In a disclosure to the Philippine Stock Exchange Tuesday, MPTC’s parent company Metro Pacific Investment Corp. (MPIC) said a special committee will be formed to study potential toll road and infrastructure investments in the Philippines and ASEAN region.
“In order to support the potential investments, the MPTC Board also authorized the MPTC Committee to negotiate the terms and conditions of any potential investments, and to appoint the authorized representative(s) of MPTC to sign, execute and deliver any agreements, documents and instruments relating to the potential investments,” the MPIC said.
Last April, MPTC president and CEO Rodrigo Franco said the company eyes to spend some PHP153 billion for infrastructure projects this year to first quarter next year.
MPTC, the toll road arm of MPIC, is the operator of North Luzon Expressway, Subic-Clark-Tarlac Expressway, and Manila-Cavite Toll Expressway (Cavitex).
The company also participated in Public-Private Partnership projects such as NLEX-SLEX Connector Road, the Cavite-Laguna Expressway (CALAEX), and the Cavitex C5 South Link, to link expressways in the north and the south.