Olongapo SubicBay BatangGapo Newscenter

Monday, July 25, 2005

BCDA fast-tracks Subic-Clark expressway

THE BASES Conversion and Development Authority (BCDA) said the Subic-Clark-Tarlac Expressway Project would be finished on time and "within budget." The expressway is expected to be completed by the end of 2007 at a cost of 21 billion pesos.

The four-lane toll road network will connect the industrial, transport and business hubs of Subic, Clark, and Tarlac.

BCDA president and CEO Narciso Abaya said the project was a major component of the Global Gateways Initiative. Abaya said the timely completion of the project was crucial in boosting growth in Luzon.

BCDA vice president for operations Antonio Rex Chan said that despite the recent depreciation of the peso, the cost of the project was unaffected since it was yen-based.

Chan said foreign exchange rate fluctuations have been taken into account in determining the project cost.

Chan said the planned expressway would pass through Angeles City, Mabalacat, Porac and Floridablanca in Pampanga; Tarlac City, Bamban, and Concepcion in Tarlac, and Dinalupihan and Hermosa in Bataan.

Funding for the project will come from a Y41.931-million soft loan from the Japan Bank for International Cooperation (JBIC). The counterpart funding of 6.2 billion pesos was secured by the BCDA through loans from Banco de Oro and the Development Bank of the Philippines.


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