Monday, March 31, 2008 Total SCTEx project cost is P27.2 billion: BCDA By Raymond C. Garcia
CITY OF SAN FERNANDO -- The state-owned Bases Conversion and Development Authority (BCDA) said the total project cost of Subic-Clark-Tarlac Expressway (SCTeX) is P27.2 billion. This includes the costs of three additional interchanges and access roads, right-of-way, consultancy and project management and financing expenses.
BCDA vice president for finance Victor Zablan made the announcement to correct misimpressions on the 93.7-kilometer toll road triggered by erroneous and persistent reports that bloated the project cost to up to P60.5 billion.
The BCDA official also clarified that out of the P27.2 billion total project cost, P22.63 billion is the direct cost -- expenses incurred for civil construction works on the country's longest tollway.
SCTEx connects two major economic zones in Central Luzon -- the Subic Bay Freeport Zone in Zambales and the Clark Freeport Zone in Pampanga. From Clark, the toll road stretches up to La Paz, Tarlac.
The indirect costs of P3.34 billion include land acquisition, consultancy services, project management expenses and taxes and duties. Financing costs of P1.23 billion include the Department of Finance (DOF) guarantee fee and Japan Bank for International Cooperation (JBIC) loan interest charges during the construction period.
President Gloria Macapagal-Arroyo ordered the construction of the three additional interchanges in response to the clamor of various groups for direct access to SCTEx, bringing the total number of interchanges from eight to 11.
"Effective project management and supervision by BCDA officials, including the BCDA board, has made possible the completion of the project within the target schedule and within budget, including expected cost savings of not less than P500 million," Zablan said.
