SMC earmarks P3.43B for infra buildup this year

Conglomerate San Miguel Corp. (SMC) has alloted a total of P3.43 billion this year out of the sale of its shares to finance its investments on infrastructure.

In a report to the Philippine Stock Exchange (PSE), SMC will allocate P3.1 billion for additional investment of San Miguel Holdings Corp. to the Luzon Clean Water Development Corp, the concession holder of the Bulacan Bulk Water Project and, P326.05 million for additional investment of San Miguel Holdings Corp. to Rapid Thoroughfares Inc./ Tarlac-Pangasinan-La Union Expressway (TPLEx) Project.

The proceeds will be derived out of the sale offering of SMC’s Series 2 Preferred Shares, Subseries G,H, and I.

To date, disbursements of the company amounted to P20.83 billion with balance of its proceeds worth P8.89 billion.

As of Aug. 31, 2016, SMC have 3.85 billion outstanding common and preferred shares.

Motorists, meanwhile, will enjoy free toll fees for one month at the soon-to-open Ninoy Aquino International Airport (Naia) expressway, the Department of Transportation (DOTr) said.

Transportation Secretary Arthur Tugade said the first phase of the NAIA Expressway, which is meant to decongest traffic and cut travel time, is set to open on Sept. 22.

The expressway is meant to shorten travel from NAIA Terminal 1 and 2 to Macapagal Avenue since it will be cut from 15 to five minutes.

Tugade said providing free toll fees was “not cheap” since it would be a sacrifice on the part of the concessionaire.

The expressway, operated by SMC, is a four-lane 7.15-km elevated expressway which will also connect the Skyway Stage 2 to the Cavite Expressway. Its second phase is seen to open by October.

The initial target completion of the expressway was in October 2015 but it suffered delays. It was first introduced during the previous administration of former President Aquino.