The Philippine Government has officially bestowed its blessing for San Miguel Corporation’s (SMC) proposed Pasig River Expressway (PAREX).
SMC, the Department of Transportation (DOTr), the Department of Public Works and Highways (DPWH), Toll Regulatory Board (TRB), and Philippine National Construction Corporation (PNCC) converged on Tuesday (September 21) to formalize the decision and signed a supplemental toll operations agreement.
The 19.37-kilometer PAREX will be wholly financed by the multinational conglomerate and will cost a total of Php 95 billion to build.
It will sport a total of six lanes with one connecting to Skyway 3, another infrastructure project funded by SMC, which opened early this year.
According to SMC, it has already tapped architect Felino Palafox Jr. for the design of the new expressway.
As part of its PAREX project, SMC will be cleaning up the Pasig River. The company has already launched its five-year rehabilitation initiative, which will cost a total of Php 2 billion.
The plan will see the removal of 3 million tons of silt and solid waste from the historic channel.
Want more news like this one? Head over to Nation Builder PH Business News Section for the latest updates.
Image credit: SMC’s Official Website