Citra Central Expressway Corp. allotted P5.3 billion as initial funding for the construction of the Skyway Stage 3 project, which was launched Wednesday.
Citra, a joint venture of Citra Lamtoro Gung Persada of Indonesia, state-run Philippine National Construction Corp. and San Miguel Corp., launched the P26.7-billion project that involves building a 14.8-kilometer, six-lane elevated expressway from the end of Skyway 1 in Buendia, Makati City all the way to Balintawak, Quezon City.
“Usually if you award a project like this, you will have to pay a downpayment of 20 percent. So, 20 percent of [roughly] P27 billion is the initial funding,” San Miguel president Ramon Ang told reporters at the sidelines of the launching of the project.
“By effectively linking the South Luzon Expressway with North Luzon Expressway, Skyway Stage 3 will help decongest the major thoroughfares of Metro Manila, particularly Edsa and C-5. It will also reduce travel time from Buendia to Balintawak from 2 hours to hours or less,” Ang said.
The project will be overseen by the Transportation Department and the Toll Regulatory Board.
Skyway Stage 3 will have eight strategic access points in Buendia, Quirino, Nagtahan, Aurora Boulevard, E. Rodriguez Ave., Quezon Ave., Sgt. Rivera and Balintawak.
Citra said the Stage 3 alignment will mostly use existing road medians and, utilize Indonesia’s unique construction method of “Sosrobahu,” a frictionless rotating pierhead device, which allows for the construction of the elevated road without major traffic disruption. Lailany P. Gomez