Citra Metro signs road deal

Citra Metro signs road deal

MANILA (AFP): Philippine, British and Indonesian-backed firms agreed Tuesday to build a 16-billion-peso ( US$615 million) highway linking towns east and south of Manila, the firms said in a statement.

The Philippine National Construction Corp. (PNCC), the Philippines' DMCI Holdings Inc, John Laing International of Britain and Indonesian-backed Citra Metro Manila Tollways Corp. signed the agreement, it said.

The firms agreed to build a 33-kilometer (21-mile) four-lane expressway by 2000 along the shoreline of Laguna lake between San Pedro in the south and Taytay in the east, cutting travel time between them to 30 minutes.

President Fidel Ramos witnessed the signing of the agreement held at the presidential palace.