May 21, 2019
THE Northern Luzon Expressway (NLEx) Corp. said on Monday it had signed an agreement with Sta. Clara International Corp. to expand the Subic Freeport Expressway (SFEx).
In a statement, NLEx Corp. said the deal for the P1.6-billion project — signed by NLEx Corp. President and General Manager Luigi Bautista and Chief Operating Officer Raul Ignacio, and Sta. Clara International Chairman and Managing Director Nicandro G. Linao — involved building two additional expressway lanes, two new bridges at Jadjad and Argonaut, and a tunnel.
The project aims “to better accommodate the growing number of vehicles going in and out of the Subic Bay Freeport,” it added.
Expressway-standard LED lights will also be installed to keep the Subic expressway safe and convenient for motorists, particularly those driving at night.
The project “is seen to improve traffic in the area and promote road safety, as the new lanes will segregate northbound and southbound motorists along separate carriageways,” NLEx Corp. explained.
“It will also complement the Subic Bay Metropolitan Authority’s (SBMA) infrastructure development program, which includes the improvement of airport and seaport, the widening of roads, and the construction of an SBMA Corporate Center,” it added.
For 2019, NLEx Corp. is looking to generate P16 billion in revenues after posting P12 billion last year.
The company’s net income grew by 24 percent to P5.7 billion last year from P4.6 billion in 2017, mainly due to higher vehicular traffic in NLEx and the Subic-Clark-Tarlac Expressway.