{"id":18797,"date":"2024-05-17T03:03:17","date_gmt":"2024-05-17T03:03:17","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/govt-mulls-sale-of-stake-in-sctex\/"},"modified":"2024-05-17T03:03:17","modified_gmt":"2024-05-17T03:03:17","slug":"govt-mulls-sale-of-stake-in-sctex","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/govt-mulls-sale-of-stake-in-sctex\/","title":{"rendered":"Gov\u2019t mulls sale of stake in SCTEx"},"content":{"rendered":"
\n

THE DEPARTMENT of Finance (DoF) is looking to sell the government\u2019s stake in the Subic-<\/span>Clark-Tarlac Expressway (SCTEx), possibly <\/span>to state pension funds, in order to boost revenues, <\/span>Finance Secretary Ralph G. Recto said. <\/span><\/p>\n

\u201cWe\u2019re looking at selling those shares. Maybe the Social Security System (SSS) and Government Service Insurance System (GSIS) can buy them. So that these pension funds can earn,\u201d he told reporters in mixed English and Filipino. <\/span><\/p>\n

He said the revenue generated from this sale will be \u201cfairly signif<\/span>icant.\u201d<\/p>\n

The Finance department is exploring ways to raise more revenue without imposing new taxes.<\/p>\n

\u201cI think it\u2019s better o<\/span>f<\/span>f that we sell those shares to raise nontax revenues, and better that the <\/span>pension funds buy (it) from us,\u201d Mr. Recto said. <\/span><\/p>\n

The DoF will also be meeting with both pension funds soon to discuss the proposal, he added. <\/span><\/p>\n

The Bases Conversion and Development Authority (BCDA) recently announced its plan to sell its 50% stake in SCTEx to the tollways unit of Metro Pacif<\/span>ic Investments Corp. (MPIC) for at least P20 billion.<\/p>\n

\u201cAssuming BCDA agrees to sell it, we prefer it be of<\/span>fered to the pension funds f<\/span>irst,\u201d Finance Undersecretary Catherine L. Fong said in a Viber message.<\/p>\n

\u201cBecause if they can af<\/span>ford to buy and hold it, they will reap the dividends and the value for the benef<\/span>it of the pensioners. They may choose to f<\/span>lip it later on,\u201d she added.<\/p>\n

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said that the proposed sale can be conducted through a competitive bidding process.<\/p>\n

\u201cIf the sole objective is to maximize the upfront revenue of the government, then a competitive bidding for the stake may yield the best results,\u201d he said in a Viber message.<\/p>\n

\u201cHowever, a sale to the SSS and GSIS appears to be geared towards both fundraising as well as enabling the state pension funds to benef<\/span>it from the reliable cash f<\/span>lows of SCTEx. In other words, under the (DoF) proposal, the government gets a fair amount of cash while the pension funds get an important revenue-generating asset,\u201d he added.<\/p>\n

Mr. Recto has said that the Finance department is also seeking to dispose of its other assets.<\/p>\n

Last year, the department announced its plan to dispose of its 3.46% stake in NLEX Corp.<\/p>\n

NLEX Corp. is part of Metro Pacif<\/span>ic Tollways Corp., the tollway unit of MPIC.<\/p>\n

MPIC is one of three key Philippine units of Hong Kong-based First Pacif<\/span>ic Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.<\/p>\n

Hastings Holdings, Inc., a unit of PLDT Benef<\/span>icial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld<\/i> through the Philippine Star Group, which it controls. \u2014 Luisa Maria Jacinta C. Jocson<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE DEPARTMENT of Finance (DoF) is looking to sell the government\u2019s stake in the Subic-Clark-Tarlac Expressway (SCTEx), possibly to state pension funds, in order to boost revenues, Finance Secretary Ralph G. Recto said. \u201cWe\u2019re looking at selling those shares. Maybe the Social Security System (SSS) and Government Service Insurance System (GSIS) can buy them. So [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[14644,177,1719,7464,17848,2523],"class_list":["post-18797","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-bworldonline","tag-govt","tag-mulls","tag-sale","tag-sctex","tag-stake"],"yoast_head":"\nGov\u2019t mulls sale of stake in SCTEx - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/govt-mulls-sale-of-stake-in-sctex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t mulls sale of stake in SCTEx - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE DEPARTMENT of Finance (DoF) is looking to sell the government\u2019s stake in the Subic-Clark-Tarlac Expressway (SCTEx), possibly to state pension funds, in order to boost revenues, Finance Secretary Ralph G. Recto said. \u201cWe\u2019re looking at selling those shares. Maybe the Social Security System (SSS) and Government Service Insurance System (GSIS) can buy them. 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