Megawide Construction Corp has signed a memorandum of agreement with Philippine Skylanders International (PSI) relating to Megawide’s intention to participate in the Pasig River Expressway (PAREX) project.
Megawide in a regulatory statement said its Board on September 10 entered into a MOA with PSI, an air cargo-handling service provider and logistics company, that sets out the preliminary terms and conditions of both firms in relation to the possible participation of the construction company in the engineering, procurement, construction, and operation and maintenance of PAREX.
PAREX is a 21.74-kilometer four-lane highway over Pasig River, from Del Pan Bridge in the City of Manila to Napindan Bridge in Taguig City. It will run along the Pasig River and traverse key cities of Metro Manila, namely, Pasig, Makati, Mandaluyong and San Juan.
Parex is proposed to be a joint venture between the state-controlled Philippine National Construction Corp. (PNCC) and PSI Inc.
In 2017, PSI signed a memorandum of understanding with PNCC to explore the possibility of this tollway project using the latter’s franchise on tollways.
Megawide in an earlier statement said it targets booking P24 billion worth of new construction contracts by the end of the year.
Its current projects include Mactan-Cebu International Airport Terminal 2 and Integrated Terminal Parañaque Exchange.
