NLEX Corp. said it will borrow P5 billion to partially finance the expansion of its expressway this year.
“We’re raising around P5 billion … as soon as we get approval from TRB [for the NLEX Phase 3 Widening Project]. Just waiting for the ROW to be substantially acquired,” J. Luigi Bautista, president and general manager of NLEX said.
The NLEX Phase 3 Widening Project involves the building of new expressway lanes from NLEX San Fernando to SCTEX Spurt in Pampanga.
It also includes the installation of roadway lighting and the reconfiguration of Mexico as full diamond interchange. The project is expected to be approved by TRB in the third quarter this year.
Bautista also said the company allocated P12 billion this year to finance its expansion program, including the NLEX Connector Road and the new five-kilometer Candaba 3rd Viaduct.
NLEX earlier posted a net income of P10 billion last year, up 25 percent from P8 billion in 2022.
The company’s toll revenues reached P21.5 billion, or 19 percent higher than the prior year due to higher traffic figures and implementation of overdue toll rate adjustments.
NLEX’s toll revenues were 81 percent from NLEX and 18 percent from SCTEX. NLEX Connector started to contribute to the company’s toll revenues on Aug. 8, 2023.
The company also generated higher revenues from toll services facilities in 2023 amounting to P111 million, higher by 31 percent than P85 million in 2022.
NLEX spans about 105 kilometer or 598 lane-kms. and services an average of 323,791 vehicles per day.
The SCTEX, on the other hand, is a 91-km or 362 lane-kms, stretching from Subic-Tipo to La Paz, Tarlac, connecting the special economic zones in Olongapo City, Subic and Clark to Tarlac City.
