 It was the result of negotiations that began on October 31, 1994 with the organization of the Technical Working Group composed of representatives from the Board of Investments (BOI), the Department of Finance (DOF), AIA Capital as financial adviser, the Department of Public Works and Highways (DPWH), the TRB, the PNCC, and the PT CITRA Group.Under the STOA, Citra Metro Manila Tollways Corporation (CMMTC as the concessionaire was formally established), was mandated to finance, design, and construct stage 1 of the South Metro Manila Tollway Project, consisting of an elevated expressway from Bicutan to Buendia and the rehabilitation of the at-grade portion of the South Metro Manila Tollway project.The STOA was approved by Philippine President Fidel V. Ramos in April 1996.