Metro Pacific Tollways Corp. (MPTC), whose wholly owned subsidiary operates the Cebu-Cordova Link Expressway (CCLEX), is looking for strategic investors to help the toll road recoup from the slump.
In an interview, MPTC president and chief executive officer Rogelio Singson said the company needs to raise at least P7 billion to expand the project.
“We are doing it in earnest. We are doing everything to make it viable. We are looking for a strategic investor that whatever they put in will all go to project expansion. We are in talks with a foreign company,” Singson said.
To date, Singson bared that CCLEX traffic still has not reached its projected level, which remains below 30 percent.
17-K vehicle traffic
“It was supposed to be about 65,000 vehicle traffic but it’s now at just 17,000,” Singson said.
According to Singson, the plan is to expand both sides of the expressway to Bacalso and Lapu-Lapu. Singson said the company is presently in talks with the local government for the plan.
However, he assured that any investments allocated to expansion will not be recovered. Thus, it will not result in any toll hike.
CCLEX is the first-ever toll road in Cebu province operated by the Cebu-Cordova Link Expressway Corp.
CCLEC is owned by MPTC, the toll road arm of Metro Pacific Investments Corp., a listed infrastructure holding company, and a member of the MVP Group of Companies.