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Philippines' SM, Ayala team up for 25B-peso toll road

The parent of SM Prime Holdings Inc. and Ayala Corp. submitted a joint proposal to build an 8.6-kilometer toll road worth 25 billion Philippine pesos, The Philippine Star reported.

According to the April 1 report, SM Investments Corp. and Ayala's AC Infrastructure Holdings Corp. agreed to work on the project to improve access to their respective developments. The proposed Circumferential Road 3 elevated expressway will link Sta. Mesa in Manila to the Mall of Asia complex in Pasay City passing through a portion of the Pasig River and the Circuit Makati area.

As of April 3, US$1 was equivalent to 50.21 Philippine pesos.