Concession Agreement signed for multimillion Expressway Project in Philippines
The Department of Public Works and Highways (DPWH) has signed the Concession Agreement with the SMC TPLEX Extension Infrastructure Corporation (STEIC) for the Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension Project in the Philippines.
The DPWH has declared San Miguel Holdings Corporation (SMHC) as the winning private proponent for the design, financing, construction, operation, and maintenance of the TPLEX Extension Project. With a cost of PhP 23.4 billion (US$400 million), the project will be handled by STEIC, a Special Purpose Company formed by SMHC.
The project, a 59.4-km, four-lane extension, has a 34-year concession period and was an unsolicited proposal from SMHC. The extension will connect the Ilocos Region, Central Luzon, and Metro Manila, with Segment 1 targeted for completion before 2028. It aims to reduce travel time between Rosario and San Juan in La Union from 1.5 hours to 40 minutes.
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