MANILA, Philippines – The tollway arm of Metro Pacific Investments Corp. (MPIC) is raising P30 billion in the fourth quarter to fund the construction of the Cavite-Laguna Expressway (CALAx) and Cebu-Cordova Bridge. We are raising debt financing by the fourth quarter of this year,” Metro Pacific Tollways Corp. (MPTC) president Rodrigo Franco told reporters on the sidelines of the Euromoney Philippines Investment Forum yesterday. He said the CALAx and Cebu-Cordova Bridge projects would each get P15 billion from the total funds to be raised by borrowing from a local bank. MPIC through MP CALA Holdings Inc. was awarded the CALAx project under the public-private partnership program last year as it emerged as the top bidder. Upon its completion, the bridge is seen to address the worsening traffic in the Marcelo Fernan Bridge and Mandaue Bridge between Mactan and Cebu.

Source: Philippine Star September 06, 2016 16:18 UTC