MacroAsia Corp. said Monday it signed a joint venture agreement with PTC Holdings Corp. to establish an aviation school in Subic International Airport in Zambales province.
MAC said in a disclosure to the stock exchange the company and PTC would incorporate a joint venture firm with an equity sharing of 51 precent and 49 percent, respectively.
The JVC will initially invest $3 million to establish a training and skills assessment center for aviation professionals called First Aviation Academy Inc.
The training facility will be based in Subic Bay International Airport and will start its operations by the first half of 2018.
It will initially conduct pilot training, certification and career development courses in the field of aviation.
“The partnership aims to address the foreseen shortage of aviation professionals for airline clients not only in the Philippines but also in other countries,” MacroAsia said.
The company said the school would start with three aircraft, including two single-engine light aircraft and one twin-engine light aircraft. It will also have two simulators with dual and control-loading yoke system and dual rudder pedals for simultaneous pilot and co-pilot control.
FAA’s curriculum will include more than 200 flying hours using the single and twin engine aircraft which is more than what is currently being offered in the industry.
“Also, geared with its commitment to create a link for employment for aviation professionals and airline companies, FAA is working on partnerships with different airlines in order to support this,” MacroAsia said.
MAC said the school was expected to produce more than 300 pilots and achieve conservatively about $17 million in cumulative revenue for the first five years of operations.
Based on forecasts from aircraft manufacturers, there will be a shortage of more than 600,000 pilots by 2035.