The Market Monitor Minding the Nation's Business
GMR Group of India expressed to President Ferdinand Marcos Jr its “firm commitment” to help develop the Sangley Aerocity and the Sangley Point International Airport (SPIA) in Cavite and explore investment opportunities in Laoag, Siargao and Bohol regional gateways.
This development “signals a strong partnership aimed at decongesting the Ninoy Aquino International Airport (NAIA) and bolstering regional connectivity,” sad the Department of Trade and Industry (DTI) in a press statement.
According to DTI, President Marcos recently met with GMR Group Business chair (Energy and International Airports) Srinivas Bommidala and his local partners, Cavitex Holdings Inc. and House of Investments, to discuss the SPIA project. During the meeting, the President underscored the strategic importance of the project, noting its potential to create up to 15,000 jobs and generate an estimated $500 million in government revenue.
The Chief Executive also assured the consortium that the national government is actively working with the Cavite provincial government to expedite land-related approvals, ensuring the project stays on track.
GMR is also interested in operating and upgrading regional airports, including those in Laoag, Siargao and Bohol.
DTI Secretary Cristina Roque is confident in GMR Group’s proven track record and affirmed the Philippines’ commitment to improving its connectivity.
“GMR has been a trusted partner of the Philippines since 2014 and is widely recognized for its successful delivery of the Mactan-Cebu International Airport and new passenger terminal at Clark despite the pandemic. The Philippines is fully committed to improving its connectivity within its 7,600 islands and the whole world, and I believe the GMR Group shares the same commitment with us in their latest project,” Roque said.