State-run Bases Conversion and Development Authority (BCDA) said Friday it is open to selling its stake in the Subic Clark-Tarlac Expressway (SCTEX) to Metro Pacific Tollways Corp. (MPTC), “if the price is right.”
“I was told that if the right price will be offered, then the government can consider it seriously,” BCDA president and chief executive Joshua Bingcang told reporters on the sidelines of Economic Journalists Association of the Philippines-BCDA Clark Forum.
Bingcang said MPTC offered about P20 billion to buy BCDA’s stake in SCTEX.
“In order for us to consider that proposal, our balance of debt to JICA [Japan International Cooperation Agency] is around P20 billion. So you want at least a minimum of that in order to be assured of paying the foreign lender. So, that will be the starting point,” Bingcang said.
He said P20 billion represented just the capital.
“You want something for the government, for the public, and so more. Normally how much are the returns you would want when you have an investment made? So at least, you have 100 percent return or a double of your investment. So those are the numbers we are crunching right now,” he said.
Bingcang said the government’s negotiation team would hold a meeting next week for the possible sale of the government’s share in SCTEX
“I hope they don’t take a hardline stance for the sake of public interest,” he said.
The SCTEX, funded by JICA, 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.
The Cavitex covers R1 (7.5 km.), R1 Extensions (8.6 km.) and Cavitex-C5 (7.7 km.) or a total of 23.8 kms.