MPTC seeks to buy out gov't shares in Cavitex, PEATC opposes

CAVITEX Infrastructure Corp., a subsidiary of Metro Pacific Tollways Corp., aims to acquire the government's remaining shares in the Manila-Cavite Expressway (Cavitex).

During a virtual briefing on Tuesday, MPTC President Rogelio L. Singson expressed surprise that some operations and maintenance are still managed by the government despite privatization.

Public Estates Authority Tollways Corp., which is attached under the Philippine Reclamation Authority (PRA), has filed a case with the Court of Appeals to take over toll road operations for Cavitex, opposing MPTC's offer to buy out the government’s stake in the joint venture.

PEATC claims that the revenue sharing scheme should have already transitioned to 60-40, in favor of the government, when the operations and maintenance agreement expired in 2021, arguing that the P2.5-billion offer is disadvantageous.

The PEATC spokesperson said the government loses an estimated P1 billion annually due to the current revenue-sharing structure and will discuss the matter with the Department of Finance.