First Balfour Inc. and Hong Kong-based joint venture partner Leighton Contractors (Asia) Ltd. are set to break ground on a 6-kilometer segment of the North South Commuter Railway project.
First Philippine Holdings Corp. president Giles Puno said Monday during the company’s annual stockholders meeting the NSCR contract package with an estimated value of P24 billion would formally break ground in the first half of 2023.
The project involves civil engineering, tunnel construction and building a railway spanning over a little over 6 kilometers, including a 4.7-km. underground railway and 1.4-km at-grade railway.
The Department of Transportation awarded the contract to the joint venture partners in February.
Puno said First Balfour was able to showcase is expertise in infrastructure development through initial ventures such as the constriction of the 8.5-km. Cebu-Cordova Link Expressway and the 7.3-km. Novaliches-Balara aqueduct project using tunnel-boring machine technology.
FPH is optimistic about growth potential of its construction business as First Balfour bags more projects.
“First Balfour is well-positioned for growth given its stellar performance in delivering quality solutions to its clientele and its proven expertise in bridge construction and tunnel boring,” Puno said.
FPH is also bullish on its healthcare and education businesses after it recently completed the acquisition of Medical Services of America—a provider of a comprehensive range of cardio-pulmonary services and equipment for hospitals and home-care patients.
“With MSA addition, FPH now has a platform to deliver new products and services aimed at improving the country’s healthcare system and ultimately, the health and wellness of Filipinos,” Puno said.
FPH’s healthcare portfolio includes Asian Eye Center and Pi Health Inc. which provides clinical research services and distribution of optical products.
The group also continues to expand the operation of its industrial real estate arm, First Philippine Industrial Park which operates economic zones in Sto. Tomas, Batangas.
FPIP also started building dormitories, events and training sites and areas for commercial and retail establishments within its industrial zones.