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Manila Bulletin devider Business devider DOF to sell government's share in SLEX

DOF to sell government's share in SLEX

Published Jun 2, 2024 02:44 am

The Department of Finance (DOF) is considering selling the government's stake in the South Luzon Expressway (SLEX) by the end of this year.

Finance Undersecretary Catherine L. Fong told Manila Bulletin that the government's ownership in SLEX is included among the assets slated for privatization in 2024.

The government currently holds a 20 percent stake in SMC SLEX Inc., the toll road operator, through the state-owned Philippine National Construction Corp. (PNCC).

On Sunday, June 2, Fong confirmed via mobile message that PNCC would be divesting its stake in SMC SLEX.

Formerly South Luzon Tollway Corp., SMC SLEX operates as a unit of San Miguel Holdings Corp. and is a joint venture with PNCC.

Fong said that the Land Bank of the Philippines will conduct the valuation of the SLEX shares.

In 2006, SMC SLEX was granted a 30-year concession, set to expire on Feb. 1, 2036, to operate and manage SLEX, a major tollway in Luzon.

Fong also disclosed that President Marcos' privatization drive will include all government-held tollway assets.

In May, the state-run Bases Conversion and Development Authority expressed its readiness to unload its 50 percent stake in the Subic-Clark-Tarlac Expressway (SCTEx) for P20 billion.

The proceeds from the sale will help achieve the Marcos administration's target of generating P42.12 billion in non-tax revenues through privatization in 2024.

Apart from the tollway assets, Fong said that the DOF is also set to sell the 2.2-hectare Mile Long property in Makati.

Based on the 2020 valuation conducted by real estate advisory firm Colliers Philippines, Mile Long is estimated to be worth P20 billion.

The national government assumed control of the Mile Long property from Sunvar Realty Development Corp. in August 2017.

Furthermore, the finance official added that the DOF is working on divesting the government's mining rights.

The Marcos administration is reviving the government's privatization initiatives to generate additional revenues instead of resorting to tax hikes or new taxes.

During the Arroyo administration, the government actively engaged in privatization, which included the sale of its stake in Petron Corp., the crown jewel in the oil industry in 2008.

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Finance Undersecretary Department of Finace Catherine Fong
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