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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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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Do
you have any comments or suggestions that may help us
improve our services? |
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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) |
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New
Projects |
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The
company holds updated partnership for new Toll Road projects
within the purview of Section 2 of the said PD: |
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Metro
Manila Skyway Stage 3 (MMS) |
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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. |
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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. |
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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. |
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Further,
the Restated Second Supplement
to the Business and Joint Venture Agreement
were |
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executed on September 6, 2012 which contains the entire
agreement of the parties and embodies the final terms
and conditions for MMS. |
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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. |
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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.
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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. |
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Metro
Manila Expressway (MME) or C-6 |
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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: |
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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;
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Share
in Gross Revenues amounting to about P43.86 billion
for the duration of the operation
period (30 years);
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Share
in Net profits amounting to about P27.21 billion for
the duration of the
operation period (30 years);
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One
permanent seat and one non-voting director to the
Board of Joint Venture
Company, regardless of its shareholdings;
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Membership in all Board Committees
and Chairmanship of the Board Audit Committee.
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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. |
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