Metro Pacific Tollways Corp. on Tuesday said it remains interested in acquiring the government’s stake at the Manila-Cavite Expressway (Cavitex) even in the face of an ongoing dispute with its partner, the Public Estates Authority Tollway Corporation (PEATC), a unit of the Philippine Reclamation Authority (PRA).
MPTC president and CEO Rogelio Singson told a virtual press conference that the company repeatedly offered to buy out the PRA’s residual interest in Cavitex for P2.5 billion.
“The last offer was made in 2023 and that was the fourth. The PRA board never acted on the offers,” he added.
MPTC chief finance officer Christopher Daniel C. Lizo said the P2.5 billion buyout remains a “standing offer” to the government.
“Unfortunately, they never replied to the offer. But had they, we were of course willing to negotiate with them. Right now, we don’t know if the offer is acceptable,” Lizo said.
“This is something that we want to pursue to resolve the problem,” he added.
According to Singson, he rejected the government proposal to adjust the current revenue-sharing agreement to 40:60 in the government’s favor, saying the Cavitex project is an ongoing development.
“The agreement can only be revised after all project loans are fully paid,” he explained, highlighting MPTC’s need to recoup its investments.
Lizo confirmed total investments of P25 billion with a remaining loan of P7 billion. An additional P4 billion is needed to complete the project.
Under the joint venture agreement with PEATC, Cavitex Infrastructure Corp. is responsible for the design, finance and construction of MCTEP.
The MCTEP project covers the 7.5-kilometer R1, R1 Extension of 8.6 kilometers and the 7.7-kilometer Cavitex – C5 or total 23.8 kilometers.
Singson also said PEATC officer-in-charge Dioscoro Esteban “does not have any authority to file a case of Mandamus without a PEATC board approval since there is no PEATC board to speak off.“
“The parties to the agreement are PRA, CIC & TRB. So, it’s a brazen violation with very deliberate intention on his part and the private lawyers to mislead the public and stakeholders. In short, walang karapatan si OIC Esteban,” he added.
