The tollway unit of San Miguel Corp. increased its 2023 capital expenditures to fund the repair and maintenance of South Luzon Expressway.
SMC SLEX Inc., formerly South Luzon Tollways Corp., said its board approved a supplemental capex of P4.6 billion this year to fund projects. The company earlier allotted P7.4 billion for 2023 to partially finance the construction of an expressway from Batangas to Lucena and repair and maintain SLEX.
SMC SLEX started the construction of the 66.74-kilometer SLEX Toll Road 4 that would connect Sto. Tomas, Batangas to Lucena City in Quezon province in March 2019
The toll road will shorten the travel time from Sto. Tomas to Barangay Mayao in Lucena from the usual three hours to 45 minutes.
The P26.1-billion project is expected to be completed by 2026. TR4 is a part of SLTC’s 30-year concession which will last until 2036.