by Raadee Sausa April 10, 2021 South Luzon Expressway Inc. (SLEX) (Photo from SMC...
April 10, 2021
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| South Luzon Expressway Inc. (SLEX) (Photo from SMC) |
San Miguel Corp. (SMC) South Luzon Expressway Inc. (SLEX) has allocated P4.6 billion for 2021 to fund the project that will extend the SLEX from Batangas to Quezon province, SMC said.
The budget will fund the construction of a 4-lane, 66.73 kilometer extension of SLEX from Sto. Tomas, Batangas to Lucena City, Quezon, it said.
"We confirm that SMC SLEX Inc., [formerly South Luzon Tollways Corp], an affiliate of San Miguel Corp. has earmarked approximately P4.6 billion for the year to fund the construction of the four-lane, 66.74-kilometer extension of the South Luzon Expressway from Sto. Tomas, Batangas to Lucena City, Province of Quezon," SMC said.
San Miguel said the expressway operator posted a lower net income in 2020 due to the "significant decrease in traffic volume" brought by the coronavirus disease (COVID-19) pandemic.
San Miguel Corp.'s unit is also building the Skyway Stage 3 project, which aims to connect the South Luzon Expressway to the North Luzon Expressway.
The target completion of the project is 2024.
It said construction works in Alaminos, Laguna and Tiaong, Quezon were ongoing. The right-of-way acquisition is also underway.
The new toll road will shorten the travel time from Sto. Tomas, Batangas to Barangay Mayao in Lucena City from the usual three hours to just 45 minutes.
SMC SLEX reported a net income of P1.75 billion in 2020, down by 44.2 percent from P3.14 billion in 2019.
With the significant decrease in traffic volume because of the implementation of enhanced community quarantine on March 16, 2020 in Luzon, toll revenue decreased by 27 percent to P4.55 billion last year from P6.23 billion in 2019.
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