SUMMARY
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MANILA, Philippines – The Department of Finance (DOF) endorsed Manila North Tollways Corp.’s (MNTC) revised proposal for the operation and maintenance of the Subic-Clark-Tarlac Expressway (SCTEX) to the Palace for approval.
“The last we heard now is that DOF has recommended approval to the government. So after that recommendation, the OP (Office of the President) will have to decide,” Metro Pacific Tollways Corp. (MPTC) president Ramoncito Fernandez said.
MNTC is a subsidiary of MPTC, the tollway arm of Manuel V. Pangilinan led-Metro Pacific Investments Corp.
MNTC proposed a 50-50 revenue and cost-sharing scheme with government-owned Bases Conversion Development Authority (BCDA) in the operation of SCTEX.
It also offered to subsidize BCDA’s P31-billion debt to the Japan International Cooperation Agency (JICA) that will mature in 2041. JICA extended the loan to BDCA for the construction of the expressway.
MNTC bagged the contract to operate and maintain SCTEX under the Arroyo administration. The Aquino administration however ordered a review of the contract’s terms due to revenue-sharing concerns raised by the DOF.
“We have been waiting for a long time now. We hope we can secure the OP’s approval before the year ends,” said Fernandez. – Rappler.com
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