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Friday, March 29, 2024

Why SMC lost Mactan airport auction

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Given how strongly San Miguel Corp. contested its disqualification in the first bidding of the  Cavite-Laguna Expressway, one would think that its loss in last week’s rebidding of the 47-kilometer toll road to Manuel Pangilinan’s Metro Pacific Investments Corp. would sadden San Miguel president Ramos Ang.

It turned out that Ang was not sad at all that he lost in the Calax auction. Ang said he was willing to accept defeat, as long as the bidding process was done in an orderly manner. At the same time, he felt vindicated in his quest to contest the results of the first auction, as he was able to justify San Miguel’s original bid of P20.1-billion bid.

Looking back, Ang said among the projects he lost, he was most regretful over the Mactan-Cebu airport bidding, which was won by the joint venture of Megawide Construction Corp. and GMR of India.

Ang said he was willing to submit a bid of P15.5 billion for the project, which would have topped the P14.4-billion winning bid submitted by Megawide-GMR consortium. Ang said he was prevailed upon by other partners, who claimed that the P15.5-billion bid was not financially viable.

For now, Ang said San Miguel was ready to move on and pursue other PPP projects.

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