MANILA -- On Friday, four groups submitted qualification documents for a contract worth 123 billion pesos ($2.8 billion) to develop the Laguna Lakeshore Expressway Dike, the Philippine government's biggest public-private partnership (PPP) project to date.
The contract involves construction of a 47-km expressway along Laguna Lake in the southern part of Luzon, the largest island in the Philippines. It includes a 37-year concession and reclamation of 700 hectares suitable for real estate development.
The project has attracted four bids with interest from investors in China, Indonesia, Malaysia and South Korea, as well as from homegrown business heavyweights.
Public Works Undersecretary Rafael Yabut told reporters that technical proposals would be evaluated for a week. Financial offers of those that passed the first screening would be opened in July under a two-stage auction. The contract will be awarded the following month.
Aside from traffic decongestion and flood mitigation, the project seeks to cut travel time on Luzon between Manila and the south with its economic zones and tourism areas.
The Aquino administration has so far approved 1.08 trillion pesos worth of projects to upgrade the country's backward infrastructure and spur economic development. Of this, 130 billion pesos were approved within President Benigno Aquino's flagship PPP initiative.