The country’s two big conglomerates have jointly submitted an unsolicited proposal to build a P25-billion elevated expressway that will connect Manila and Pasay through the Ayala central business district.
AC Infrastructure Holdings Corp., a wholly owned subsidiary of Ayala Corp., and SM Investments Corp. on Friday submitted an unsolicited proposal to the Department of Public Works and Highways to design, finance, construct, operate and maintain for a period of 35 years a toll road identified as C3 Elevated Expressway.
The elevated toll road will run about 8.6-kilometer long, linking Sta. Mesa, Manila to the Mall of Asia Complex in Pasay City.
AC Infra president and chief executive Jose Rene Almendras told reporters the C3EX was “very interesting” and “game-changing” in Metro Manila traffic.
Almendras said the C3EX would provide an alternative to Edsa, which is now congested, and improve access to the Manila Bay development areas, the Makati central business district, and the cities of Mandaluyong San Juan, and Manila.
It is proposed to have interchanges in Sta. Mesa, the Circuit Makati, Ayala-Gil Puyat, Roxas Boulevard and the SM Mall of Asia Complex.
The project could cut the travel time from one hour to only 15 minutes from Quezon City to Makati City.
Almendras also said the consortium had reached out to San Miguel Corp. to join the C3EX project because it would be linked to San Miguel’s Skyway Stage 3 Project.
“There’s no decision yet, they are still evaluating it,” he added.
Almendras said other groups were interested to join the project.
“There’s a lot of local and international pension funds looking for projects like this,” he said.
Almendras said his company expects to get final contract award by the second quarter of 2018.
The proposed project will go through the government process for unsolicited proposals under the Build-Operate-Transfer Law.
Almendras said the project is expected to be completed in three years.
“Studies showed that the Philippines loses P2.4 billon a day in potential income because of the productive time spent waiting in traffic,” Almendras said.
“We are excited about this unsolicited proposal, as it would it increase our personal travel efficiency, but through it, more opportunities will open to improve sectors and services that heavily rely on the transport of materials, goods and other items to operate. We are looking forward to a positive reception from the DPWH,” he added.