MANILA, Philippines - Metro Pacific Investments Corp. reiterated its objections and its threat to sue, as the Bases Conversion and Development Authority (BCDA) released the terms of reference for the Swiss challenge on the company's Subic Clark Tarlac Expressway (SCTEX) project.
Metro Pacific says a Swiss challenge needs its consent.
BCDA says it is now discussing the issues raised by Metro Pacific.
Under the terms of reference, the BCDA has set a deadline on January 31, which the interested proponents are expected to submit proposals higher than Manila North Tollways Corp.'s upfront cash offer of P3.5 billion.
"MNTC maintains that since the price challenge was not contemplated in the BOA (Business and Operations Agreement), it cannot be undertaken without the consent or involvement of MNTC," the company said. - ANC