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OUR BUSINESS
 
TRANSPARENCY SEAL
 

    PNCC specialized in a wide range of construction and engineering activities and phases.  Among the services offered include all phases of a project from feasibility studies, designs and detailed engineering, to procurement, construction and project management, concrete pre-casting, steel fabrication, materials processing and equipment rental/leasing.  Other support services such as pre-fabrication, materials processing and equipment rebuilding were also undertaken by the company.

     The magnitude and diversity of PNCC's projects attested to its expertise and versatility.  The company has undertaken heavy construction projects including the development of airport terminals, seaport facilities and marine works, sugar refineries, realty development, and housing project, archeological restoration, cultural and institutional facilities and, of course, tollway and skyway infrastructure.

    It has likewise acquired broad experience in the detailed engineering and construction of non-ferrous mineral processing plants, crude oil desalting facilities, phosphate and fertilizer plants, agriculture product plants, bulk materials handling facilities, water treatment plants and plants for general manufacturing. 

     From 1987 to 2001, PNCC still implemented selected construction projects, but this resulted in losses.  Since 2002, PNCC has refrained from actively engaging in the construction business, and focused more on the operation and maitenance of its tollways.  Earlier in 1995, PNCC entered into Joint Venture Agreements (JVAs) that resulted in the division of the Tollways into 3 portions, the North Luzon Expressway (NLEX), the Skyway, and the South Luzon Expressway (SLEX).  The onjective was to improve the manner by which the tollways were operated and maintained.
     
     The NLEX JVA was entered into originally with First Philippine Infrastructure Development Corporation (FPIDC) together with Leighton Contractor Asia Ltd. and Egis Project Systems, which formed the JV company, Manila North Tollways Corporation (MNTC).  The operation of NLEX was officially turned over to MNTC on February 10, 2005, where PNCC had 20% shareholding.  PNCC's inability to respond to succeeding capital calls limited its participation to 2.5% in MNTC.  FPIDC was acquired by the Pangilinan (MVP) Group in November 2008.  In the O&M company for NLEX, the Tollway Management Corporation however, PNCC has 20% shareholding.

     For the Alabang to Calamba stretch of the South Luzon Tollways, PNCC entered into a JVA with the Malasian Corporation, MTD Manila Expressways, Inc. (MTDME) under the corporate name of South Luzon Tollway Corporation (SLTC).  Under this JVA, are the following SLEX projects : the rehabilitation and upgrading of the Alabang Viaduct, the expansion and rehabilitation of the Alabang to Calamba segment, and the construction of a 7.8km. toll road extension from Calamba to Sto. Tomas, Batangas.  The O&M company for the said stretch is the Manila Toll Expressway Systems, Inc. (MATESI).  PNCC owned 20% of SLTC and 40% of MATESI.

     San Miguel and its partner Citra Group of Indonesia had acquired an 80% indirect equity interest in SLTC and 60% in MATESI.  The acquisition was made by its wholly-owned subsisiary San Miguel Holdings Corporation (SMHC) and Atlantic Aurum Inc. (AAI), the joint venture corporation of SMHC and the Citra Group.  SMHC has accepted the invitation of the Citra Group of Indonesia to invest in AAI, the corporate vehicle of the Citra Group which has a controlling equity interest in CMMTC, the concession holder and oeprator of the Skyway project.

     For the South Luzon Tollways, PNCC entered into a partnership with Indonesia's P.T. Citra Lamtoro Gung Persada to build the elevated toll road or Skyway System from Nichols to Alabang and to upgrade the at-grade portion for the same stretch.  Citra Metro Manila Tollways Corporation (CMMTC) is the Joint Venture Company and concessionaire, has been running these segments since 1999.  The PNCC Skyway Corporation (PSC) originally managed the operation and maintenance of the Skyway System and its corresponding at-grade section, but due to operational inefficiencies, PSC suffered financial losses.  The Skyway Operation and Maintenance Corporation (SOMCO) took over the operations and maintenance of the Skyway Systems in 2008.  PNCC has 11% share in CMMTC (also diuted from 20%) and a 20% share in SOMCO, which up to this day remains unissued to PNCC because on legal disputes with CMMTC.

 
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     In compliance with the Supreme Court decision, the company has transferred and turned over the shares of stock in tollway joint venture companies through a Deed of Compliance to Transfer Shares of Stock to the National Government under Supreme Court Decision in G.R. Nos. 166910, 169917, 173630, and 183599.

     The only joint venture company left to PNCC after the turn over to National Government is Citra Metro Manila Tollways Corporation (CMMTC) the Operation and Maintenance Corporation for Skyway at grade level or Skyway Operation and Maintenance (SOMCO).These two JVs were created pursuant to Presidential Decree No. 1894, which expanded PNCC’s original franchise by granting firstly, the further “right, privilege and authority to, construct, maintain and operate any and all such extensions, linkages or stretches, together with the toll facilities appurtenant thereto, from any part of the North Luzon Expressway, South Luzon Expressway… as may be approved by the Toll Regulatory Board (TRB)”; and, secondly, the right to construct and operate the Metro Manila Expressway, also named as the “Metro Manila Tollway” (C-6).

 
 
 
New Projects
      

     The company holds updated partnership for new Toll Road projects within the purview of Section 2 of the said PD:

   
    Metro Manila Skyway Stage 3 (MMS)
   
The Metro Manila Skyway Stage 3 Projects starts from the existing Buendia interchange and will be extended and eventually connected to the North Luzon Expressway at the Balintawak-EDSA Interchange. The project is 14.80 kilometers in length. It will be the fastest multi-lane highway in the greater Manila metropolis connecting the south to the north.

    Pursuant to one of the “Whereas Clauses” of South Metro Manila Skyway (SMMS) Supplemental Tollway Operation Agreement (STOA) dated November 27, 1995 as amended on July 18, 2007, CITRA and the Company submitted to TRB an Updated Joint Venture Investment Proposal for the said project on May 3, 2011. The TRB, pursuant to its mandate and authority granted under PD No. 1112, has reviewed, evaluated and approved the Updated Joint Venture Investment Proposal for Stage 3.

     On January 9, 2012, CITRA and the Company executed a Supplement to the Business and Joint Venture Agreement (Supplement to BJVA) which governs the implementation of the Stage 3 of the MMS and Stage 4 of the Project also known as the Metro Manila Expressway (MME). On even date, the parties executed the Second Supplement to the Business and Joint Venture Agreement (Second Supplement to BJVA) which contain the terms and conditions for the implementation of both MMS and MME.
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     Further, the  Restated  Second   Supplement  to   the   Business  and Joint   Venture Agreement (Restated Second Supplement to BJVA) were further executed on September 6, 2012 which contains the entire agreement of the parties and embodies the final terms and conditions for MMS.
 
 
 
  Following Section 1 of the Restated Second Supplement to BJVA, Citra Central Expressway Corporation (CCEC), the joint venture company, was incorporated on November 12, 2012 as  the  vehicle  to  implement  the financing, design, and construction of the MMS.
 
  Under this agreement, the Company is provided with the following:
 

 20% equity in CCEC, 10% of which is free-carry amounting to approximately P500 million to remain undiluted even in the event of any     issuance of shares by the JV company;

 
 

Share in Gross Revenues amounting to about P35.06 billion for the duration of the operation period (30 years);

 
 Share in Net profits amouning to about P21.42 billion for the duration of the operation period (30 years);
 

 One permanent seat with one non-voting director to the Board of CCEC, regardless of its shareholdings;

 

Membership in all Board Committees and Chairmanship of the Board Audit Committee.

 
      The Company waived its right in the the Operation and Maintenance (O&M) in exchange for the shares in gross revenues. The Company also agreed to forego any equity share in the O&M provided the latter remains a cost center and not a profit center.

     The STOA governing the design, construction, operation and maintenance of the Metro Manila Skyway Stage 3 Project has been approved by the Office of the President of the Philippines on September 26, 2013. The start of commercial operations of the project is expected in late 2016.
 
 
 
 
 
  Metro Manila Expressway (MME) or C-6
   
     The Metro Manila Expressway or C-6 Project is actually Stage 4 of the South Metro Manila Skyway (SMMS). This tollroad will stretch from Bicutan to San Jose Del Monte and will then connect to the proposed MRT7 Project which will extend to the NLEX.

    The tollroad will have a length of 34.33 km, 7.62 km of which is the elevated portion, six (6) lanes, with six (6) interchanges and 20 ramps, and a close toll collection system. The construction cost is estimated at P19.76 billion out of the total P29.84 billion project cost.

   The Restated Supplement to the Business and Joint Venture Agreement (Restated Supplement to BJVA) for MME Project was executed in January 2014 contains the agreement of the parties and embodies the terms and conditions for MME.
Patterned from the MMS Project, the MME will provide the Company with the following:

 
 
 
 
 
 
 
 
 
 
 
 
 
 

  20% equity in the Joint Venture Company, 10% of which is      free-carry amounting to about P704 million and shall not be      diluted in the event of any issuance of shares by the JV      company; 

 
 
 
 

  Share in Gross Revenues amounting to about P43.86 billion      for the duration of the operation period (30 years);

 
 

  Share in Net profits amounting to about P27.21 billion for      the duration of the operation period (30 years);

 
 

  One permanent seat and one non-voting director to the      Board of Joint Venture Company, regardless of its      shareholdings;

 
 
 
 Membership in all Board Committees and Chairmanship of      the Board Audit Committee.
 
       The Company assigned its usufruct to design and construct to the Joint Venture Company to be established with CITRA for this purpose. The STOA has been approved by the Office of the President of the Philippines on August 11, 2014. The start of commercial operations of the project is expected in 2018.