TARLAC CITY, Tarlac (Feb. 9, 2025) – Tarlac is set to remain at the heart of the government’s infrastructure strategy as the Bases Conversion and Development Authority (BCDA) scrapped its plans to sell its 50-percent stake in the Subic–Clark–Tarlac Expressway (SCTEX).
The BCDA intends to use the 94-kilometer tollway’s steady earnings to fuel high-impact projects, including several key developments within Tarlac province and the burgeoning New Clark City.
BCDA President and Chief Executive Officer Joshua Bingcang confirmed to reporters that the agency is no longer looking to unload its share in the expressway, which is now viewed as a critical engine for the government’s future growth. He noted that instead of a one-time sale, the BCDA will capitalize on future revenues to accelerate additional projects.
“We don’t want to anymore. That would be for our investments,” Bingcang said.
The decision marks a significant turn from last year, when the agency expressed openness to a sale if the valuation was right.
Metro Pacific Tollways Corp. (MPTC), led by tycoon Manuel V. Pangilinan, had submitted a bid of approximately P20 billion in May 2024 to consolidate control over the asset. However, Bingcang explained that the offer was rejected because it was insufficient to cover the government’s outstanding debt to the Japan International Cooperation Agency (JICA), which originally financed the expressway’s construction.
Internal assessments suggested that an undervalued exit would hurt the BCDA’s fiscal health, especially since SCTEX has become a primary driver of the agency’s balance sheet. The expressway’s performance was a major factor in the BCDA’s record P14.1 billion in cash revenues last year. The agency’s share of toll collections reached roughly P3 billion, a 30 percent jump from the P2.3 billion recorded in 2024.
Under the current concession agreement, MPTC and the BCDA split gross toll revenues equally, while NLEX Corp. manages operations. Rather than walking away, the BCDA is doubling down on the asset with a ₱1 billion capital expenditure plan for 2026.
A significant portion of these funds will directly benefit Tarlac and its neighboring hubs. Approximately 75 percent of the budget is earmarked for the construction of three new interchanges in Luisita, Hermosa, and Mabalacat to improve regional connectivity. The remaining funds will go toward road lighting upgrades and new service facilities, particularly along the corridor leading to Subic.
