President Marcos said the Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension Project will generate an even greater flurry of activity in Luzon as it is set to improve the island's tourism and economy.

Marcos said during the presentation of the signed concession agreement (CA) for the TPLEX Extension Project in Malacañan on Wednesday, July 10.

In his speech, the President said the extension would reduce the travel time between Rosario and San Juan from the current 90-minute travel time to about 40 minutes, resulting in smoother and safer journeys for those who wish to go to and from La Union, and the Ilocos and Cordillera regions.

"Aside from bringing in tourists and economic activities more quickly to the northern part of the country, it will also bring resources and food faster to the southern parts of Luzon," he said.

"We also expect [it] to forge value-adding partnerships among agriculture, industry, and tourism enterprises in the area as it links vital regional corridors and hubs," he added, noting that this will generate a significant number of decent jobs and more opportunities for Filipinos.

With this, Marcos thanked the San Miguel Holdings Corporation for being one of the government's steadfast partners and hoped to keep the partnership strong and vibrant for the nation's benefit.

"I expect nothing less than to see the same mark of quality that we have witnessed from your past endeavors," he said.

"Not only are you embarking on another challenge of turning visions into reality — you are also leading a brilliant example of how the private sector can have a great impact on our country’s development," he added.

The 59.4-kilometer TPLEX Extension Project is a four-lane toll road with five interchanges starting from the last exit of the TPLEX in Rosario, La Union until San Juan, La Union.

Aside from cutting travel time, it is also seen to spur economic growth along the expressway corridor by encouraging the development or establishment of new growth hubs in Region I and nearby provinces.

The P23.36-billion project is a Public-Private Partnership (PPP) between the Department of Public Works and Highways (DPWH) and San Miguel Holdings Corporation (SMHC) with a project concessionaire, the SMC TPLEX Extension Infrastructure Corporation (STEIC), a Special Purpose Company (SPC) of SMHC.