[ journal.com.ph ] April 1, 2008
The state-owned Bases Conversion and Development Authority (BCDA) said that the project cost of the Subic-Clark-Tarlac Expressway (SCT Expressway) 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 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, meaning expenses incurred for civil construction works on the country’s longest tollway. The SCT Expressway 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 tollroad 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 Arroyo ordered the construction of the three additional interchanges in response to the clamor of various groups for direct access to the SCT Expressway, bringing the total number of interchanges from 8 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,รข€ Zablan said.
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