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Manila: DOF Proposes Sale of SCTEX Shares to SSS, GSIS


MANILA: Finance Secretary Ralph Recto announced that the interest of the Bases Conversion and Development Authority (BCDA) in the Subic-Clark-Tarlac Expressway (SCTEX) could be sold to the Social Security System (SSS) and the Government Service Insurance System (GSIS). “We’re looking at selling those shares. Maybe the SSS and GSIS can buy them. So the pension fund will earn. I think it’s a good deal,” Recto told reporters in an interview on Tuesday.



According to Philippines News Agency, the government is also considering privatizing other shares to raise non-tax revenue. “I think we have other shares that we’re privatizing. The government has a few shares. And I think it’s better off that we sell those shares to raise revenue, non-tax revenue, and better maybe the pension funds buy from us. So the GSIS and SSS will benefit,” he added. The BCDA previously stated that Metro Pacific Tollways Corp. (MPTC) has formally submitted a proposal to acquire the government’s stake in SCTEX. Finance Undersecretary for Privatization and Corporate Affairs Catherine Fong said that if the BCDA sells its shares, the DOF prefers offering them to the pension funds first.

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