President Ferdinand Marcos Jr. on Wednesday has expressed high hopes that the recently approved Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension Project will significantly boost economic development in northern Luzon.

During the signing ceremony of the project's concession agreement, the President called the agreement a "milestone" for the government's "Build, Better More" infrastructure program.

"The TPLEX Extension Project exemplifies our dedication to progress, expanding opportunities for our people," Marcos said. "Remembering how the TPLEX became a driver of economic growth in Central and Northern Luzon when it was completed, we expect this extension to generate an even greater flurry of activity.”

The 59.4-kilometer, four-lane toll road with five interchanges will extend the existing TPLEX from Rosario, La Union, to San Juan, La Union.

The project — a P23.36 billion Public-Private Partnership between the Department of Public Works and Highways and San Miguel Holdings Corp. — is expected to be completed by 2028.

Upon completion, the expressway is projected to significantly reduce travel time between Rosario and San Juan from the current 1.5 hours to approximately 40 minutes which is seen as an improved connectivity and will accelerate tourism and economic activity in the northern region.

"The project will not only bring tourists and economic activity to the north faster, but also expedite the delivery of resources and food to southern Luzon," Marcos said.

The President stressed the project's potential to foster collaboration between agricultural, industrial, and tourism enterprises in the area.

"This will undoubtedly generate a substantial number of decent jobs and opportunities for all," Marcos said.