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The initial loan for the 94 kilometer Subic-Clark-Tarlac Expressway (SCTEx) project, which was signed in Tokyo, Japan on September 13, 2001, amounted to P21.3 billion. To assist to provide funds for the full accomplishment of the SCTEx project, the Japanese government granted last March 27 an additional loan worth around Php6.6 billion to the Philippines. This additional loan will be utilized to fund the building of the three extra interchanges in Pampanga, namely, Floridablanca, Porac and Clark that will be fully accomplished in 6 to 10 months. The additional loan was accepted as satisfactory by Japan by way of the Japan Bank for International Cooperation with a 0.95 percent per annum interest rate, a 40-year payment period, and 10-year grace period. The SCTEx, which provides a straight connection among Subic Bay Freeport Zone, the Clark Special Economic Zone and the Central Techno Park in Tarlac, has 34 bridges, 8 interchanges, and a 4-lane divided toll road. The expected opening of the SCTEx for commercial operations will be on April 28. The travel time between Clark and Subic will be shortened to only 40 minutes, while between Clark and Tarlac, the travel time will be diminished to only 30 minutes. To arrive at Subic from North Luzon Expressway in Metro Manila, the travel time will be reduce to only one and half hours. The completion of Subic-Clark-Tarlac Expressway project is an important point in progress or development in the history of Central Luzon. |
