MANILA, Philippines -- State-owned Philippine National Construction Corp. owes toll authorities some P4 billion in concession fees, which should be paid immediately, according to the Department of Finance.

The unpaid fees were supposed to have been paid by May 1, 2007?when PNCC?s franchise to operate tollways expired?but have remained unpaid as of Dec. 9, 2009.

Finance Secretary Cesar V. Purisima said the DOF informed the company to settle the amount with the Toll Regulatory Board immediately or ?we will be constrained to take all legal remedies against PNCC and its officers, including administrative remedies that are available to us.?

The finance chief added that the concession fee was on top of PNCC?s share in toll collections from the North Luzon and South Luzon expressways, which the firm had also been ordered to remit to the Bureau of the Treasury (BTr).

PNCC held a 25-year franchise but Congress failed to renew it because it was not a priority of the legislature.

Purisima said that with an expired franchise, PNCC is in effect acting as an agent of the national government and should be remitting shares in toll revenues.

From originally being the sole operator, PNCC now holds minority stakes in the North Luzon Expressway and the South Luzon Expressway (SLEx).

The SLEx covers two tollways?South Luzon Tollway from Alabang in Muntinlupa City to Sto. Tomas in Batangas and the Metro Manila Skyway System that refers to the elevated and at-grade levels of the tollway that runs from Nichols in Taguig City to Alabang.

The government is bent on raising revenues from regular sources as well as non-recurring inflows in a bid to limit the budget deficit to P325 billion for the whole year.

Among the new means that the government is considering is the issuance of peso-denominated bonds meant for foreign investors, which the BTr aims to issue within the year.

According to National Treasurer Roberto B. Tan, initial feedback from banks and investors show that buyers prefer ?peso global bonds? that would mature in no less than five years from issuance.