THE Manila North Tollways Corp. (MNTC) yesterday cut its fees at the North Luzon Expressway (NLEX) by 10% to help ease the impact of the rising fuel cost on motorists.
The new toll schedule will be in force at the NLEX for and two and a half years ending December 31, 2010. The next regular rate review will be conducted in January 2011.
The approval by the Toll Regulatory Board (TRB) of the new toll rate adjustment formula enabled MNTC to lower its rates at the NLEX for vehicles traveling the entire stretch by as much as P6 for Class 1 vehicles, P14.00 for Class 2 vehicles, and P17.00 for Class 3 vehicles.
“This means that Class 1 vehicles like private cars and light SUVs, traveling the entire 84-kilometer stretch, will pay only P174 from the previous toll of P180,” MNTC president Jose de Jesus said.
“On the other hand, Class 2 vehicles or buses will pay only a total of P435 from the previous toll of P449 while Class 3 vehicles or trucks will pay only P522 from the previous toll of P539,” de Jesus added.
The toll rates at NLEX have gone down twice against the backdrop of rising prices in prime commodities such as oil, rice and other products used daily by Filipino households.
The first adjustment was implemented in January 2007 when MNTC reduced its toll rates by 11%.
With TRB’s approval of the new formula, MNTC can now facilitate the conversion of its remaining dollar loans into pesos allowing the company to realize the full benefits of a stronger peso under the favorable rate, which MNTC said would be passed on to customers in the form of lower toll fees.
MNTC had been in discussion with TRB as early as October last year for a change in its toll rate adjustment formula to enable the Lopez-led company to remove the dollar factor from its existing toll formula and retire all its dollar loans with peso-denominated notes which will result in the stability of the toll rates.
Motorists, especially truckers, are not upbeat over the cut in toll fees claiming it is intangible considering that prices of oil continue to climb up.
The Confederation of Truckers Association of the Philippines and the Integrated North Harbor Truckers Association said a long-term plan should be put in place.
They propose the inclusion of the trucking industry in the fuel discount program, a credit window to help refleet to new units or convert engines to liquefied petroleum gas or compressed natural gas.
Government recently allotted P500 million as refleeting subsidy but truckers said the amount is little considering the huge capital requirements involved.
