MANILA, Philippines - The Metro Pacific group says it finally got the endorsement of the Bases Conversion and Development Authority (BCDA) for its bid to operate and manage the Subic-Clark-Tarlac Expressway (SCTEX).
Metro Pacific Tollways Corp. (MPTC) president Ramoncito Fernandez on Wednesday said the BCDA has submitted to Malacanang the Pangilinan group's improved offer for the SCTEX contract.
The group originally won the contract before President Aquino took over but the contract was renegotiated to unlock more revenue for the government.
Metro Pacific officials say the improved offer should address the concern of the Department of Finance, which earlier proposed to rebid the contract.
"It's more economically favorable for them if you adopt, accept the assumptions we have made... If they have any questions, we have answered all those questions as best as we could," said MPIC CEO Jose Ma. K. Lim.
Metro Pacific made P1.6 billion in the third quarter, up 23% from a year ago. - ANC Business Nightly