The four-lane expressway project will consist of eight segments, the first of which will start at Barangay Mayao in Lucena City, Quezon while the last will end nearby Matnog Ferry Port in Sorsogon. The middle segments will connect the two provinces through Camarines Sur and Albay.
The signed agreement will be submitted to the Office of the President for approval.
Once construction is finished, with an estimated completion date within 46 months, SLEX TR5 is expected to decongest traffic and easier access to tourist spots, roll-on roll-off terminals, and fishing ports. It will provide a faster alternative route from Lucena to Matnog in just 5.5 hours.
The project is a joint venture of the Philippine National Construction Corporation and San Miguel Holdings Corporation with a Php26.38 billion investment under a build-operate-transfer contract, with the government taking over infrastructure assets after a 30-year concession period.