May 11, 2024 - Tycoon Manuel V. Pangilinan has proposed to purchase the interest of the Bases Conversion and Development Authority (BCDA) in the Subic-Clark-Tarlac Expressway (SCTEX), one of Luzon’s major expressways. This was revealed by BCDA President and CEO Joshua Bingcang at the One Clark Forum, an event organized by the Economic Journalists Association of the Philippines (EJAP) and the BCDA Group.
Bingcang stated that the Metro Pacific Tollways Corp. (MPTC) has formally submitted a proposal to acquire the government’s stake in SCTEX. The proposal was submitted to the BCDA, the Department of Finance, and Malacanan Palace. “The MVP group is willing to buy the shares, the interests of BCDA in SCTEX…They are not buying the property because it will remain with the government,” he said.
The government-owned and controlled corporation (GOCC) currently has a 30-year concession with the Group for the SCTEX. With eight years already passed, the remaining 22 years of projected future shares in SCTEX are what the MVP group aims to retain.
Bingcang also highlighted that SCTEX currently has sufficient funds to finance other projects. He mentioned that the BCDA met with the MPTC last week and a technical working group was formed to determine the proper valuation of the acquisition price.
“If they are really serious about it, the simple thing for us to do is to come up with a good pricing,” Bingcang said. He emphasized the need to establish a fair price for the government and expressed the intention to contribute any revenues raised from the deal with Metro Pacific to the national government. This move signifies a potential shift in the ownership structure of one of the country’s major expressways.