BCDA, MNTC ink SCTEX business and operating agreement
Posted: July 25, 2011 | Category: SCTEX
The state-owned Bases Conversion and Development Authority (BCDA), builder and owner of the Subic-Clark-Tarlac Expressway (SCTEX), recently signed the SCTEX business and operating agreement with the Manila North Tollways Corporation (MNTC), and its holdings companies Metro Pacific Tollways Corporation (MPTC) and Metro Pacific Investments Corporation (MPIC) at the Quezon Ballroom of the Shangri-La Hotel in Makati . Leading the signing ceremony are (seated 3rd to 6th from left) BCDA President and CEO Arnel Paciano D. Casanova, BCDA Chairman Felicito C. Payumo, MNTC Chairman Manuel V. Pangilinan, and MPIC President and CEO Jose Ma. K. Lim. Looking on are the officials and board members of the BCDA, MNTC, MPIC and MPTC. Under the business and operating agreement, MNTC will operate and manage SCTEX for 33 years, while relieving BCDA of the heavy financial burden of paying the P34-billion debt to the Japan International Cooperation Agency (JICA). By virtue of the Agreement, the SCTEX can be considered as having been built at no cost to Government.