Megawide eyes stake in Pasig River project

Construction and engineering firm Megawide Construction Corp. has signed a deal that may lead to its participation in the Pasig River Expressway (Parex) tollroad project.

Parex is proposed to be a joint venture between the state-controlled Philippine National Construction Corp. (PNCC) and Philippine Skylanders International (PSI) Inc.

In a disclosure to the Philippine Stock Exchange, Megawide said it had entered into a memorandum of agreement with PSI, setting out the preliminary terms and conditions in relation to the possible

participation of Megawide in the engineering, procurement, and construction, and operation and maintenance of the Parex project.

Parex is a 20-kilometer elevated tollway that is proposed to be built along the banks of the Pasig River and connect the capital city of Manila with the province of Rizal.

In 2017, PSI also signed a memorandum of understanding with the PNCC to explore the possibilities of this tollway project using the latter’s franchise on tollways.

The disclosure, however, did not provide additional details on the proposed tollroad project.

Project proponent PSI is among the pioneers in the logistics industry and has been operating a Customs Bonded Warehouse at the Ninoy Aquino International Airport Complex for over 40 years.