The Market Monitor Minding the Nation's Business
NLEX Corporation signed a P10-billion term loan facility with the Bank of Philippine Island (BPI) to fund ongoing and future projects.
The loan will also be used to refinance maturing debts, according to the operators of the North Luzon Expressway and the Subic-Clark-Tarlac Expressway.
Rogelio Singson, president and CEO of NLEX parent company Metro Pacific Tollways Corp, said the loan agreement will help them fulfill their current obligations with their key stakeholders as well as finance all repairs and maintenance of the expressway and their ongoing and future projects like the Candaba 3rd viaduct.
The Candaba 3rd Viaduct is a new 5-kilometer bridge between two existing viaducts in Pampanga and Bulacan. It is expected to be completed by the fourth quarter of 2024.
NLEX posted a net income of P7.07 billion for January to September this year, up from last year’s P5.72 billion. It has set aside P15 billion for capital expenditures for 2024.