DOF proposes sale of SCTEX shares to SSS, GSIS

By Anna Leah Gonzales

May 16, 2024, 11:00 pm

<p>Finance Secretary Ralph Recto. <em>(File photo)</em></p>

Finance Secretary Ralph Recto. (File photo)

MANILA – Finance Secretary Ralph Recto said the interest of the Bases Conversion and Development Authority (BCDA) in the Subic-Clark-Tarlac Expressway (SCTEX) could also be sold to the Social Security System (SSS) and the Government Service Insurance System (GSIS).

"We're looking at selling those shares. Maybe the SSS and GSIS can buy them. Para kumita pa yung pension fund (So the pension fund will earn). I think it's a good deal," Recto told reporters in an interview on Tuesday.

"I think we have other shares that we're privatizing. The government has a few shares. And I think it's better off that we sell those shares to raise revenue, non-tax revenue, and better siguro (maybe) the pension funds buy from us. Para makinabang naman yung SSS at GSIS (So the GSIS and SSS will benefit)," he added.

The BCDA earlier said that 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.

Finance Undersecretary for Privatization and Corporate Affairs group Catherine Fong in a Viber message said that if the BCDA sells its shares, the DOF prefers it to be offered to the pension funds.

"Assuming BCDA agrees to sell it, we prefer it be offered to the pension funds first. Because if they can afford to buy and hold it, they will reap the dividends and the value for the benefit of the pensioners. They may choose to flip it later on," said Fong.

"This will be decided by the BCDA," he added. (PNA)