Megawide-GMR submits financial documents on NAIA rehabilitation

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Credit: Read the original article from Manila Standard Business.

Megawide Construction Corp. and foreign partner GMR Infrastructure Limited said Monday they submitted financial documents to the government as additional requirements set by the National Economic and Development Authority on its proposal to rehabilitate the Ninoy Aquino International Airport complex.The two partners said the submission of additional documents to the Manila International Airport Authority, which include the statement of joint solidary liability as required by NEDA, met a key milestone towards its goal of starting the long-hoped-for rehabilitation and transformation of the NAIA complex.“The financial documents we submitted are sufficient to exclusively support the requirements of the NAIA project. With this, we are hopeful our proposal to rehabilitate and transform NAIA into a first-world airport complex can now be elevated to the Cabinet committee for approval and proceed to Swiss challenge,” Megawide managing director for transport Louie Ferrer said.“Infrastructure investment is critical for our country to build back from the economic crisis caused by the COVID-19 pandemic. We at Megawide are ready to do our part by providing employment and enhancing the Philippines’ competitiveness in infrastructure, especially airports,” he said.Megawide concluded a successful agreement with GMR last week, with both companies agreeing to undertake the rehabilitation and transformation of NAIA as a partnership.Under the partnership, Megawide will hold a controlling 60-percent interest while GMR will retain 40 percent, ensuring solid financial capability and delivering unparalleled global experience in airport design, construction and operations.“Our partnership with GMR is strong. Together, we delivered the transformation of Mactan Cebu International Airport and the construction of Clark International Airport. Now, we are hugely excited to deliver a first-world NAIA that uplifts the travel experience for all Filipinos and provides a critical assist to the national government’s efforts to rebuild after the pandemic,” said Megawide chairman and chief executive Edgar Saavedra.

“From Cebu, to Clark, and now Metro Manila, we seek not just to elevate airports facilities or the dignity of passenger experience, but also to develop a true Philippine airport industry, managed and run by the best Filipino employees, setting both local and global standards. We at Megawide are committed to engineering a First-World Philippines, and the transformation of NAIA will be an achievement our country will be proud of,” Saavedra said.Ferrer said the company was ready to get to work as soon as “we receive a formal notice of award.”He earlier said that the Swiss Challenge for the project would likely be completed by the first quarter of 2021.Under the updated proposal, the consortium plans to spend P109 billion under a 25-year concession period. The company will construct the project in three phases such as the improvement of airside and terminals and the connection via bus rapid transit.They will also build a new terminal, additional taxi lanes and an elevated railway.

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