By Bernie Cahiles-Magkilat
The Board of Investments has granted tax and fiscal incentives to the P25.74-billion Skyway Stage 3, which will connect north and south Luzon expressways.
BOI Managing Head Ceferino S. Rodolfo said the project is undertaken by San Miguel Corp. and its Indonesian partner PT Citra Lamtoro Gung Persad.
Citra Central Expressway Corporation, a wholly-owned subsidiary of San Miguel Corp., owns 75 percent of the connector road while PT Citra of Indonesia owns the remaining 25 percent stake.
For its 75 percent stake, SMC is investing P19.3 billion while Indonesian partner will pour in P6.43 billion.
The Metro Manila Skyway Stage 3 Project will extend the current skyway stage 2, connecting from Buendia to the North Luzon Expressway in Balintawak.
The project is 42 percent complete as of July 2018 and slated to finish in 2020, according to the Department of Public Works and Highways.