Finance Secretary Ralph Recto is exploring the possibility of selling the government’s stake in the three expressways operated by Metro Pacific Tollways Corp. (MPTC) to the Social Security System (SSS) and the Government Service Insurance System (GSIS).
“I don’t think we had a meeting with them, but we’re looking at selling those shares. Maybe the SSS and GSIS can buy them. So that the pension fund will earn,” Recto said when asked about the proposal of MPTC to buy its shares in Subic-Clark-Tarlac Expressway.
“I think it’s better off that we sell those shares to raise revenue and better if the pension funds buy from us. So that SSS and GSIS will benefit,” he said.
Recto said the DOF would soon meet with GSIS and SSS to discuss the sale of the government shares in the tollway companies.
State-run Bases Conversion and Development Authority (BCDA) earlier said MPTC offered to buy its shares in SCTEX for about P20 billion.
The SCTEX, funded by Japan International Cooperation Agency, is a 91-kilometer or 362 lane-km. expressway, stretching from Subic-Tipo to La Paz, Tarlac, connecting the special economic zones in Olongapo City, Subic and Clark to Tarlac City.
The MPTC also offered to buy the government’s interest in the Manila-Cavite Expressway (Cavitex) project for P2.5 billion.
Cavitex covers R1 (7.5 km.), R1 Extensions (8.6 km.) and Cavitex-C5 (7.7 km.) or a total of 23.8 kms.
The DOF earlier tapped a consultant for the valuation of the 649,198 shares in North Luzon Expressway (NLEX) owned by the national government.
NLEX spans about 105 kilometer or 598 lane-kms. and serviced an average of 323,791 vehicles per day as of end-2023.
