The provincial government of Cavite said it is evaluating the proposal submitted by a consortium led by China Communication Construction Co. and MacroAsia Corp. of tycoon Lucio Tan on the $10-billion international airport in Sangley Point, Cavite.
“The PPP selection committee is still undergoing a careful evaluation of the proposal submitted. Once done, the selection committee will issue its findings,” said Jesse Grepo, the legal officer and secretary of the provincial government’s public private partnership selection committee.
“Best effort on the part of the committee [is] to finish the evaluation as soon as possible,” Grepo said.
Only the consortium of CCC and MacroAsia submitted a bid for the Sangley international airport in December. Other groups that earlier expressed interest in the project failed to submit bids, including Prime Asset Ventures Inc. of businessman Manuel Villar, Philippine Airport Ground Support Solutions Inc., Metro Pacific Investments Corp., Langham Properties Inc. and Mosveldtt Law Offices.
The provincial government of Cavite is the lead proponent and implementing agency of the project which supports the Transportation Department’s multi-airport strategy to decongest Ninoy Aquino International Airport, the country’s main international gateway whose passenger volume was already 40-percent above its design capacity of 31 million passengers yearly.
The selected joint venture partner will provide the necessary equity investment and credit enhancements subject to a further competitive process or price test.
Aside from the legal, technical and financial qualifications set by the provincial government, the selected JV partner should also pass the credit standards of project lenders.
The request for proposal will require project feasibility study, instructions to candidate JV partners and the draft joint venture and development agreement.
The 1,500-hectare master-planned international airport hub will be fitted with four runways, airside and landside facilities with an annual capacity of up to 130 million passengers.
It is expected to be at par with Singapore’s Changi International Airport, Hong Kong International Airport and South Korea’s Incheon International Airport as it is positioned to be the next biggest development in air transport innovation in the country.