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DOF ‘exploring’ MPTC’s proposal to buy out gov’t in CAVITEX

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Metro Pacific Tollways Corp News

Cavitex,Department Of Finance,Buy Out

The Department of Finance (DOF) is exploring how it can facilitate Metro Pacific Tollways Corp.’s proposal to buy out the government in the joint venture handling the Manila-Cavite Expressway (CAVITEX).

The Department of Finance is exploring how it can facilitate Metro Pacific Tollways Corp .’s proposal to buy out the government in the joint venture handling the Manila-Cavite Expressway .“MPTC has formally written a letter to DOF,” Finance Undersecretary for Privatization and Partnerships Catherine Fong said in a text message to GMA News Online.“DOF is open to the idea, except PRA is not under DOF,” Fong said.

CIC and PRA have a 90-10 revenue sharing scheme, in favor of CIC.MPTC is intending to fully take over CAVITEX from PRA.Last week, PEATC filed a petition for mandamus before the Court of Appeals to fully transfer the management of CAVITEX to the agency, citing issues on the existing revenue sharing scheme.The MPTC, in a statement, said PEATC has no authority to file such a mandamus since it is not a party to the joint venture agreement.

Cavitex Department Of Finance Buy Out Money Economy Expressway

 

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