Megawide-GMR consortium and state-run Bases Conversion and Development Authority signed the engineering, procurement and construction contract to expand Clark International Airport, according to International Finance Corp.
Megawide-GMR is the consortium of local company Megawide Construction Corp. and GMR Infrastructure Ltd. of India. Its unit GMR-Megawide Cebu Airport Corp. is the builder and operator of Mactan-Cebu International Airport.
“This project [Clark Airport expansion] builds on IFC’s long-standing track record in advising the government of the Philippines in delivering crucial infrastructure. Infrastructure is key to the sustainable and inclusive economic growth of the country,” IFC country manager for the Philippines Yuan Xu said.
Following the Philippine government’s hybrid public-private partnership policy, IFC helped structure the transaction for the EPC contract to build a new passenger terminal that will help Clark International Airport become a world-class facility.
IFC also assisted BCDA in conducting a competitive and transparent bid process that took less than six months, one of the fastest PPP mandates globally for IFC as an advisor, and resulted in significant government savings. Project preparation was supported by the Global Infrastructure Facility.
Clark International Airport is the second main gateway into the country, and the new 100,000-square meter terminal will double its capacity to eight million passengers a year, boosting air transport capacity for the Greater Manila Area.
The project is expected to reduce the strain on the congested Ninoy Aquino International Airport and help create jobs and increase development in Central Luzon, a growing economic center.
Megawide-GMR submitted the lowest financial proposal for the airport expansion project at P9.36 billion on Dec. 14.
IFC said it would also support BCDA for the second transaction under the Clark Airport project to identify a private partner to operate and maintain the airport, including both the existing and new terminals.
Clark International Airport is envisioned to be Asia’s next premier gateway. It now has an annual capacity of four million passengers. Airlines operating in Clark include Qatar Airways, Cebu Pacific, Tigerair, Jin Air, Asiana Airlines, Dragon Air, AirAsia Berhad, Philippine Airlines and Emirates Airlines.
These airlines mount flights to Hong Kong, Singapore, Bangkok, Macau, Pudong, Incheon, Doha, Dubai, Davao, Cebu and Kalibo.
