The Market Monitor Minding the Nation's Business
The Gotianun and Gokongwei conglomerates are proposing to redevelop the Clark International Airport, through P839 billion in investments, which is approximately four and a half times bigger that the capital outlays earlier proposed to build an alternative international gateway.
A consortium composed of Filinvest Development Corp. and JG Summit Holdings has appointed Changi Airports International (CAI)—part of the group that operates Singapore Changi Airport—as technical partner.
According to the consortium, the proposal had been submitted to the Bases Conversion and Development Authority (BCDA) and the Department of Transportation (DOTr).
The new investment commitment is larger than the P187-billion investment proposed when the consortium submitted its original unsolicited proposal last year. It is also bigger than the P700-billion airport project in Bulacan proposed by San Miguel Corp., which has already obtained an original proponent status for its project.
Based on the latest proposal, the consortium will build future capacity augmentation, expand airport facilities including terminals and runways, among others, as well as operate and maintain the existing and new passenger terminals.
The consortium also proposes to develop, operate and maintain the commercial assets of the Clark International Airport, which include facilities for general aviation, fixed-base operations and real estate.
The creation of a new, world-class passenger terminal in the airport is projected to add passenger capacity of eight million a year from the existing 4.2 million passengers a year, or a total of 12.2 million passengers annually. The ultimate target is 80 million a year upon completion of the fourth phase under the latest master plan.
The development of the Clark International Airport is a joint project of the DOTr and BCDA. The airport, as mandated by Executive Order 14 issued this year, was declared to be an alternate global gateway in the country and assist in the decongestion of the Ninoy Aquino International Airport.
