BUYING STAKE. Bases Conversion and Development Authority president and chief executive officer Joshua Bingcang (2nd from left) tells a forum that Metro Pacific Tollways Corp. has formally expressed interest to buy BCDA's shares in the Subic-Clark-Tarlac Expressway. Bingcang made the statement at the Economic Journalists Association of the Philippines-BCDA Group One Clark Forum at the New Clark City Athletics Stadium in Capas, Tarlac on May 10, 2024. (Courtesy of BCDA)
CAPAS, Tarlac – Tycoon Manuel V. Pangilinan has offered to buy the interest of the Bases Conversion and Development Authority (BCDA) in one of the major expressways in Luzon, the Subic-Clark-Tarlac Expressway (SCTEX).
This was shared by BCDA president and chief executive officer Joshua Bingcang at the One Clark Forum, organized by the Economic Journalists Association of the Philippines (EJAP) and the BCDA Group, at the New Clark City Athletics Stadium here.
Bingcang said the Metro Pacific Tollways Corp. (MPTC) has formally submitted a proposal to acquire the government’s stake in SCTEX after it submitted a letter to the BCDA, the Department of Finance, and Malacanan Palace.
“I got calls form my superiors telling that indeed, 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.
He said the government-owned and controlled corporation (GOCC) has a 30-year concession with the Group for the SCTEX.
“I think we have eight years gone, so the remaining 22 years, they want to retain all the projected future shares of the SCTEX,” he said.
“The good thing about SCTEX right now is it already has enough funds to finance other projects,” he added.
He said the BCDA met with the MPTC last week. A technical working group was also formed to identify 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. “The point is we should come up with a good price for the government and we intend to contribute to whatever revenues we will raise for that with Metro Pacific to the national government.” (PNA)
