"Superconsortium" of Filipino Billionaires May Be Behind NAIA's Next Upgrade
Members of the so-called “superconsortium” of the country’s leading business conglomerates revealed they have been granted original proponent status by the government to carry out the Php102-billion project to upgrade and expand the Ninoy Aquino International Airport (NAIA).
The grant was made by the Department of Transportation (DOTr) and the Manila International Airport Authority (MIAA), which oversees operations of the international airport.
In disclosures to the Philippine Stock Exchange (PSE) on September 13, listed companies who are part of the NAIA Consortium said they were recognized as original proponents for their unsolicited proposal to rehabilitate, upgrade, expand, operate and maintain NAIA, Manila’s premiere airport, for 15 years.
Their proposal is now subject to review and approval by the National Economic Development Authority (NEDA) board. Afterwards, it will go through a Swiss Challenge, giving third parties a chance to submit a competing offer. As original proponents, however, the NAIA Consortium has the right to match competing offers deemed superior by the government.
The consortium is composed of seven of the largest conglomerates in the Philippines: the Ayala family’s AC Infrastructure Holdings Corporation, Andrew Tan’s Alliance Global Group Inc., the Aboitiz family’s Aboitiz InfraCapital Inc., the Gotianun family’s Filinvest Development Corporation, the Gokongwei family’s JG Summit Holdings, Inc., Lucio Tan’s Asia’s Emerging Dragon Corp. and Manny Pangilinan-led Metro Pacific Investments Corporation.
“We are very grateful to the DOTr and MIAA for granting the consortium the OPS as it triggers a series of steps we need to work on to make this project happen. The NAIA Consortium looks forward to working closely with the DOTr and MIAA to progress this initiative. We are committed to see this project through and to follow the proper legal processes,” said Jimbo Reverente, NAIA Consortium spokesperson.
The grant comes seven months after the alliance submitted the Php102-billion proposal last February 12. It involves the improvement and expansion of the four existing terminals, as well as the development of an additional runway, taxiways, passenger terminals and upgrade of airside facilities.
The consortium plans to commence construction works immediately after the project is turned over to them. “Our fellow Filipinos can expect a better airport experience as early as the third year from the time we commence rehabilitation work,” Reverente added.
This story originally appeared on Entrepreneur.com.ph. Minor edits have been made by the Esquiremag.ph editors.