Connect with us

Hi, what are you looking for?

News

Cavite sees ‘signs’ to seal JV for Sangley airport

Sangley Point International Airport

By Arjay L. Balinbin, Senior Reporter

THE Cavite government sees “signs” that it will finally seal a joint venture (JV) agreement by Nov. 24 with MacroAsia Corp. and its partner China Communications Construction Co. Ltd. (CCCC) for the $10-billion Sangley Point International Airport project.

“November 24 is the last day for the partners to enter into a joint venture agreement. We have given them an extendable deadline, so we will know then. But all signs point that they will sign the agreement before that,” Cavite Gov. Juanito Victor “Jonvic” C. Remulla told BusinessWorld in a recent phone interview.

Mr. Remulla stressed he is optimistic that the airport project will push through.

Jesse R. Grepo, Cavite’s public-private partnership selection committee legal officer, said on Sept. 24 that the Lucio C. Tan-led MacroAsia and its partner CCCC were given another 90 days to complete their post-qualification requirements for the airport project, after they missed the Sept. 9 deadline.

“The consortium was able to make partial submission of documents as required by Notice of Award. However, considering the continuing adverse impact of Covid-19 (coronavirus disease 2019) and in the exigency of service, the request for extension of 90 days immediately after air travel resumes between China and the Philippines to comply with all the conditions of the Notice of Award is granted,” Mr. Grepo said in a mobile phone message.

He said the extension was granted because of the “firm commitment” of the consortium to fully comply with the requirements on or before the new deadline.

MacroAsia said in a recent disclosure to the stock exchange that among the documents it had already submitted was the “newly and fully authenticated copy” of the joint venture proposal.

The post-qualification documents were supposed to be completed and submitted 60 days after the group received the notice of award in February.

Cavite had initially given the consortium until June to process and submit the documents before a joint venture development agreement could be signed.

The groundbreaking for the first phase of the airport project was initially expected to take place in the second quarter of the year.

The first phase of the project, which will cost $4 billion, includes the construction of the Sangley connector road and a bridge to connect the Kawit segment of the Manila-Cavite Expressway to the airport.

Phase 1 also involves the construction of the airport’s first runway.

The airport is rated at 25 million passengers yearly, and is intended to help decongest the Ninoy Aquino International Airport.

It is expected to be fully operational by 2023, with partial operations to start a year earlier. The fourth runway will be opened after six years.

The same consortium will work on the other two phases of the airport project, but there may be contract renegotiations, according to the Cavite government.

The second phase, which will cost about $6 billion, involves the construction of two more runways, giving the airport an annual capacity of 75 million passengers.

The last phase is the expansion to four runways, bringing capacity to 130 million passengers.

MacroAsia incurred losses of P269.44 million in the third quarter, a reversal of its profits a year ago, as the group’s core business segments “continue to be impacted by the downturn in air travel due to COVID-19-related quarantine and airport restrictions from March 2020 onwards,” the company said in a recent stock exchange disclosure.

In the same quarter last year, MacroAsia recorded an attributable net income of P300.05 million.





Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

News

STATE AGENCIES will have to significantly ramp up spending in December to boost fourth-quarter gross domestic product (GDP), after the government continued to underspend...

News

By Vann Marlo M. Villegas, Reporter LEO ANGELO V. SACAYAN, a 41-year-old sea-faring sous-chef from Malabon City, got P15,600 in government aid after coming...

News

By Jenina P. Ibanez, Reporter THE Philippines should improve the education curriculum to boost competitiveness of its future workers, business leaders said. The Philippines...

News

VILLAR-LED AllHome Corp. is looking at improved sales in the fourth quarter as it continues its store expansion in the Luzon region. The home...

News

FRANCE-BASED shipbuilder Naval Group is looking to open an office in Manila as part of its plan to help the country in improving its...

News

JIL SANDER is back for a Uniqlo collaboration after almost 10 years after her last one. The German fashion designer best known for her...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...

Economy

SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...

Economy

In Wisconsin and Ohio, farmers are dumping thousands of gallons of fresh milk into lagoons and manure pits. An Idaho farmer has dug huge...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2020 Respect Investment. All Rights Reserved.