PANGASINAN’S provincial government and San Miguel Holdings Corporation (SMHC) have formally joined forces for the implementation of the Pangasinan Link Expressway (PLEX) project.

This partnership was solidified through the signing of a Joint Venture Agreement and Tollway Concession Agreements on October 19 at the Sison Auditorium.

The signing ceremony, led by Governor Ramon Guico III and Ramon S. Ang, president and chief operating officer of San Miguel Corporation, marked a milestone for the region.

Officials including Congressmen Arthur Celeste, Christopher de Venecia, and Ramon Guico Jr, along with Abono partylist Rep. Eskimo Estrella, and members of the Sangguniang Panlalawigan, mayors, businessmen, and other government and private sector leaders, witnessed the event.

The Pangasinan Link Expressway (PLEX) project is hailed as a “game-changer with the potential to reshape transportation and tourism in the province.” Its objectives include improving access to major towns and cities, boosting economic activities, enhancing infrastructure, and fostering environmental protection.

Governor Guico expressed his sentiments, saying, “Today, we fulfill the major item in our platform of government for the province of Pangasinan.” He highlighted the challenges faced and the dream that has now become a reality after over a year of determined efforts.

Mr. Ang emphasized that SMHC will construct the PLEX project at no cost to the government, without any subsidy or guarantee. Furthermore, Pangasinan will receive 70% of the income generated from tollway operations.

This expressway will significantly reduce travel time between Binalonan and Lingayen, cutting it from one hour to just 20 to 30 minutes. The project is divided into segments, covering routes from Binalonan to Manaoag, Manaoag to Calasiao, a Calasiao spur, and Calasiao to Lingayen.

The provincial government will not only benefit from 5% of the toll revenues and the commercial development associated with the expressway but stands to gain a share of 30% of the earnings before tax once the project surpasses an internal rate of return of 10%. Should it exceed the internal rate of return of 12%, the share increases to a significant 70%.

The first phase of the PLEX project will extend over 42.76 km and carries a total cost of P34 billion. The anticipated completion timeline is four years.
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Vice Governor Mark Lambino underscored the significance of the agreements. “We will set in motion a better and safer road network not only in Pangasinan but in the entire Ilocos Region” he said. “The project promises to usher in new growth centers, industries, and unlock economic potential for the province,” he added.

SMHC was the sole company to submit a complete unsolicited joint venture proposal for the expressway project to the provincial government. (Eva Visperas)

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