Connect with us

Hi, what are you looking for?

News

Virata-Yuchengco-Tan group bags Sangley project

PHILSTAR

A CONSORTIUM backed by Philippine, European and South Korean companies bagged the $11-billion contract to develop the Sangley Point International Airport (SPIA), the Cavite provincial government announced on Thursday.

“This new airport is the future of the country. This airport is the hope of the country. The province is just a small player. But if we work together, we can do this for our people,” Cavite Governor Juanito Victor “Jonvic” C. Remulla said in a press release.

The provincial government said that the awarding of the project came after the unsolicited proposal of SPIA Development Consortium submitted in November last year.

The Philippine companies leading the consortium are Cavitex Holdings, Inc. (CHI), the Yuchengcos’ publicly listed House of Investments, Inc., and Lucio C. Tan-led MacroAsia Corp., a provider of aviation-related support services.

Samsung C&T Corp., the construction unit of South Korean tech giant Samsung, will also lead the project, together with Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd.

“We express our full commitment and support to modernizing the country’s aviation network in partnership with [the Department of Transportation, Civil Aviation Authority of the Philippines, and Manila International Airport Authority]. We aim to meet the requirements of airlines to make the airport an international hub that will satisfy the needs of the future,” said Leonides Virata, chief executive officer of CHI.

Based on the project’s framework, the consortium and the Cavite provincial government will have one year and six months after the signing of the joint venture and development agreement to finalize the airport’s design and business plan.

The signing of the joint venture is expected in October, which will mark the construction of the airport. The first phase, which includes the first of four runways, is expected to be operational by 2028. Meanwhile, the second phase will result in a two-runway system with airport facilities capable of handling at least 75 million passengers yearly.

The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport.

On Thursday, shares in MacroAsia jumped by 3.32% or P0.17 to close at P5.29 each. — Ashley Erika O. Jose

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

Latest

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

News

1 of 3 By Sam L. Marcelo, Multimedia Editor BalletPulso Pilipinas II: Alay nina Alice at AgnesSept. 30, 8 p.m.Oct. 1, 3 p.m. and...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

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 © 2022 Respect Investment. All Rights Reserved.