Megawide submits financial proof to undertake NAIA rehabilitation

    837

    The consortium of Megawide Construction Corp. and India-based GMR Infrastructure Ltd. has submitted the financial requirements for the P109-billion unsolicited proposal for the rehabilitation and expansion of Ninoy Aquino International Airport (NAIA).

    In a statement, the consortium said it submitted to the Manila International Airport Authority (MIAA) the additional documents, which include the statement of joint solidarity and liability required by the National Economic and Development Authority (NEDA).

    “The financial documents we submitted are sufficient to exclusively support the requirements of the NAIA project. With this, we are hopeful our proposal to rehabilitate and transform NAIA into a first-world airport complex can now be elevated to the Cabinet committee for approval and proceed to Swiss challenge,” said Louie Ferrer, Megawide managing director for transport.

    Last week, Megawide concluded a successful agreement with Indian infrastructure giant GMR where the former

    will hold a controlling 60 percent interest in the partnership while the latter will retain 40 percent.

    Megawide said this ensures solid financial capability and delivery of the project’s airport design, construction and operations.

    The consortium is responsible for the transformation of Mactan-Cebu International Airport and the construction of Clark International Airport.

    Ferrer said is the best time to get the project off the ground and the company is ready to get to work as soon as it receives a formal notice of award.

    Last July, the Department of Transportation granted the original proponent status to Megawide-GMR for the rehabilitation NAIA, after negotiations failed with the NAIA consortium over financial issues.

    Once the Megawide-led consortium secures the NEDA Board approval, the government will conduct a Swiss challenge that will allow other companies to submit an offer to challenge the proposal. The project proponent will then have the right to match any offer.

    Under the proposal, the consortium will spend P109 billion to rehabilitate and improve the airport in the first 10 years of its 25-year concession period. This will include the construction of a new terminal, additional taxi lanes and an elevated railway.