BCDA awaits new offer from MVP group for SCTEX stake
Published Sep 1, 2025 12:00 am
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Updated Aug 30, 2025 06:38 pm
SCTEX Highway Central Luzon
The Bases Conversion and Development Authority (BCDA) said it has yet to receive an updated offer from Metro Pacific Tollways Corp. (MPTC) for its proposed acquisition of the government’s 50-percent stake in Subic-Clark-Tarlac Expressway (SCTEX).
BCDA President and Chief Executive Officer (CEO) Joshua Bingcang said the Pangilinan-led MPTC has not yet presented a new proposal after expressing interest in buying out the state-run firm’s stake in SCTEX last year.
“None, they’re still quiet. We don’t have an updated offer yet,” Bingcang told reporters last week.In May 2024, BCDA received an offer of around ₱20 billion from MPTC to acquire its stake in SCTEX.
The sale was expected to cover BCDA’s debt with the Japan International Cooperation Agency (JICA), which was used to fund the construction of the 93.77-kilometer (km) expressway.
Still, Bingcang was hoping for a higher offer that would also cover its projected revenue collection from MPTC until the end of its concession period with the tollway operator in 2043.
Under the concession, MPTC and BCDA have a 50-50 sharing of gross toll revenues.
As such, Bingcang said MPTC’s offer last year was “not acceptable.”
He said BCDA’s potential sale of its stake in SCTEX is not in the pipeline yet, but he acknowledged that the agency could change its mind once a good offer comes in.
“If it’s good, then maybe we can accept it,” he explained.
Bingcang noted that he would reject any undervalued buyout offer since SCTEX is already raking in strong revenues.
MPTC subsidiary North Luzon Expressway (NLEX) Corp., which operates SCTEX, saw its toll revenues reach ₱25.32 billion last year. NLEX Corp. said its revenues consisted of 78 percent from NLEX, 18 percent from SCTEX, and four percent from NLEX Connector.
Based on its financial report, BCDA’s toll revenues from SCTEX rose by 19 percent to ₱2.3 billion in 2024 from ₱1.9 billion in the previous year.
The agency said it paid ₱749 million from its debt with JICA last year.
“Now, because we have extra revenues on top of our payment to our JICA loan, it’s time to give back, reinvest in the facility. Even though the toll fees are increasing, we want to show people that our service is improving,” said Bingcang.
The BCDA is set to spend around ₱1 billion within the next two years for improvement works in SCTEX.
Bingcang said approximately ₱750 million will be allotted to construct three new interchanges in Luisita, Hermosa, and Mabalacat to enhance regional connectivity along the expressway.
The rest of the funding will be directed to a road-lighting project around the expressway’s Subic portion.
Bingcang added they are also planning to put up two service facilities along SCTEX, particularly on the way to Subic, to give motorists a place to refuel, eat, and rest.