Metro Pacific Tollways Corp. said it sees no issue with the state pension funds acquiring the government’s share in Subic Clark-Tarlac Expressway.
“It’s up to them. We made an offer so if they see that it’s better for the government to hold the shares, that’s fine, I can’t change that mindset,” MPTC president and chief executive Rogelio Singson told reporters.
Singson’s statement came after Finance Secretary Ralph Recto said he was considering selling the government’s share in SCTEX 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, so that the pension funds will earn,” Recto said earlier.
“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.
The government has a 3.46-percent stake in NLEX Corp., the operator of two SCTEx and NLEx in Central Luzon. NLEX is a subsidiary of Metro Pacific Tollways Corp.
MPTC has the right of first refusal on the government’s stake in the toll road operator.
State-run Bases Conversion and Development Authority (BCDA) earlier said MPTC offered to buy its shares in SCTEX for about P20 billion.
Singson said, however, the operations should be handled by the private sector.
BCDA revenue share from SCTEX amounted to P573 million in the first quarter of 2024, representing 50 percent of toll revenues in SCTEX.
Data showed that as of the first quarter of 2024, BCDA revenue share increased 17 percent from the same period in 2023, driven by higher toll revenues at SCTEX.
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.
MPTC also offered to buy the government shares in the Manila-Cavite Expressway (Cavitex) project and North Luzon Expressway.
