BCDA to retain SCTEx stake as investment
THE Bases Conversion and Development Authority (BCDA) said it now plans to retain its stake in the Subic-Clark-Tarlac Expressway (SCTEx) instead of disposing of it.
“Ayaw na namin, pang investment na namin ’yon. (We aren’t going for disposal; the stake can remain an investment),” BCDA President and Chief Executive Officer Joshua M. Bingcang told reporters last week, “the future revenue (can help us) build more and accelerate more projects.”
The BCDA had announced plans to sell its stake to the tollways unit of Metro Pacific Investments Corp. (MPIC), Metro Pacific Tollways Corp. (MPTC), for at least P20 billion.
The MPTC and BCDA have a 50:50 revenue-sharing agreement for the toll road, which is operating under a 30-year concession. It is currently being managed by NLEX Corp., a unit of MPTC.
Mr. Bingcang said the BCDA will instead focus on upgrading SCTEx amenities, for which it has allocated P1 billion.
“We have three billion shares now. So we are looking at three interchanges, streetlights, and store service facilities,” he added.
The interchanges will be in Luisita, Tarlac; Hermosa, Bataan; and Mabalacat, pampanga.
“Noong sinimulan ang SCTEx, (When SCTEx started) these interchanges were already part of the design, but the budget was not enough. These were just deferred, so there’s no problem with the right of way,” he said.
“So we will complete these interchanges na hindi nagawa noon. The one in Tarlac has been put up for bidding,” he said.
“It is time to give back to the motorists who are also affected by the toll rate adjustments. So we need to make sure (that the added charges are returned to them) through better services,” he added.
The 93.7-kilometer SCTEx connects the Clark Freeport and Special Economic Zone, the Subic Bay Freeport Zone, and the Central Techno Park in Tarlac.
MPTC is the tollways unit of MPIC, one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Justine Irish D. Tabile
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