San Miguel To Participate In Expressway Project

San Miguel Corporation (SMC) announced last July 20 that it has entered into a non-binding agreement to acquire a significant stake of the Private Infrastructure Development Corp. (PIDC), a consortium of construction companies behind the Tarlac-Pangasinan-La Union Toll Expressway Project.

The 88-kilometer expressway project will extend from La Paz, Tarlac to Rosario, La Union. Once completed, it is estimated that the expressway will cut by half the travel time from Manila to Baguio.

The parties have agreed to execute and finalize a definitive agreement which shall be subject to government approval.

SMC has diversified its business interests to include a stake in power retailer Manila Electric Co. (Meralco), oil refiner Petron and Liberty Telecom.

Ramon S. Ang, SMC president and chief operating officer said:

"This is in line with our diversification plans and we’re happy to be a catalyst for the infrastructure needs of the country."

"The North to Central Luzon stretch is a potentially dynamic industrial corridor and the proposed expressway will make it easier and more cost effective to move goods and people from one point of Luzon to another. As a food and beverage conglomerate with one of the most developed distribution networks in the country, we have a strong interest in making it happen."