Citra Central Expressway Corp. (CCEC) got its P25.74-billion skyway extension project approved for incentives from the Board of Investments (BOI), according to the government agency.
The BOI said on Friday that Citra Central Expressway partnered with Indonesian firm PT Citra Lamtoro Gung Persad (CLGP) to shoulder the project cost, with the local firm shouldering 75 percent of the project cost.
CCEC, which BOI said was a wholly owned unit of San Miguel Corp. (SMC), will contribute P19.3 billion, while its Indonesian partner will pay for the remaining P6.43 billion, the BOI said.
The project is now qualified under the prevailing Investment Priorities Plan (IPP). The IPP aims to attract investments in certain preferred business activities by enticing them with fiscal and nonfiscal perks such as a four-to-six year income tax holiday.
These companies were involved in a legal dispute last year following a complaint by the infrastructure unit of the SMC conglomerate.
San Miguel Holdings Corp. accused Indonesian businessman Shadik Wahono of CLGP of illegally disbursing money from a company jointly owned with SMHC to incorporate CCEC. The BOI, however, did not offer an explanation for the project in the context of last year’s legal case.
Called the Metro Manila Skyway Stage 3 Project, it will extend the current skyway stage 2, connecting Buendia to the North Luzon Expressway in Balintawak.
The project is 42-percent complete as of July 2018, the BOI said, citing a report from the Department of Public Works and Highways (DPWH). It is slated to finish in 2020.
In a previous statement, the BOI said this was the biggest project registered in the month of June.
By: Roy Stephen C. Canivel