By Leslie D. Venzon
MANILA, July 10 (PNA) — Infrastructure conglomerate Metro Pacific Investments Corp.’s (MPIC) subsidiary, MPCALA Holdings Inc., initially paid the government on Friday a concession fee of Php 5.4 billion for the Cavite Laguna Expressway (CALAx) project.
MPIC told the local bourse the MPCALA Holdings settled on Friday 20 percent of the Php27.3-billion concession fee to the Department of Public Works and Highways (DPWH) upon signing the concession agreement for the project.
The balance of the concession fee is payable over a period of nine years.
Under the agreement, MPCALA is granted the concession to design, finance, construct, operate and maintain the CALAx project, including the right to collect toll fees, over a 35-year concession period.
The CALAx is a closed-system tolled expressway connecting the Manila-Cavite Expressway and the South Luzon Expressway. (PNA)