NLEX Corp. has obtained a P10 billion term loan from the Bank of the Philippine Islands (BPI) to fund ongoing as well as future projects.
The operator of North Luzon Expressway and the Subic Clark-Tarlac Expressway said the proceeds of the 10-year loan will also partially fund its capital expenditures and refinance some of its maturing debt.
“This loan agreement will help us to meet our current obligations with key stakeholders and finance all repairs and maintenance of the expressway as well as our ongoing and future projects like the Candaba third viaduct” project, Rogelio Singson, president and chief executive of Metro Pacific Tollways Corp, said.
“Our company remains committed in providing faster and more convenient travel. Thus, we also want to focus on improving our expressways and beyond just building roads,’ he added.
The NLEX Candaba 3rd viaduct project is a new five-kilometer bridge in the middle of two existing viaducts between Pampanga and Bulacan.
Seen completed by the fourth quarter of 2024, this will boost the safety and convenience of motorists as it increases road capacity from three lanes without shoulder to three lanes with inner and outer shoulders in each direction.
“This project is just one of our major initiatives in solving the growing traffic demand of the north. In partnership with the government, we aim to contribute to the elevation of the country’s transportation system,” J. Luigi Bautista, NLEX president and general manager, said.
The company has set aside P15 billion in capex next year to finance existing and new expressway projects.
NLEX earlier posted net income of P7.07 billion in the January to September period, higher than only P5.72 billion in the same period last year.
Total revenue amounted to P15.67 billion, up 20 percent from P13.1 billion in the same period last year.
NLEX attributed the increase in revenue to higher traffic volume and the impact of NLEX toll rate adjustments implemented in June 2023.
NLEX said all vehicle classes posted double digit revenue growth, with Class 1 revenue expanding by 18 percent, Class 2 by 26 percent, and Class 3 by 18 percent.
As of 30 September 2023, the average daily traffic at the NLEX reached 321,384 daily vehicle entries, higher than 2022 figures by 15 percent. The average daily traffic at SCTEX reached 77,878 daily vehicle entries or 10 percent above last year’s figures in the same nine-month period.
The average daily traffic at the Connector Road Section 1 averaged close to 12,000 vehicles per day as of latest.
