SPIA Development Consortium yesterday officially signed the joint venture (JV) agreement with the provincial government of Cavite for an $11-billion contract to build and operate the Sangley Point International Airport in Cavite.
In a disclosure at the Philippine Stock Exchange, Yuchengco Group of Companies through House of Investments Inc. (HI)’s first vice president for finance Ma. Esperanza Joven said HI together with the consortium members for the Sangley Point International Airport project signed the Joint Venture and Development Agreement with the provincial government of Cavite on Feb. 6, 2023.
Other consortium members include Lucio Tan-led Macro Asia Corp., Cavitex Holdings Inc., Samsung C & T Corp., Munich Airport International GmbH and Ove Arup & Partners Hongkong Ltd.
Last September, the provincial government of Cavite led by Governor Juanito Remulla turned over the Notice of Award to the SPIA after no challenger emerged during the 60-day mandatory competitive or Swiss Challenge process ended on Aug. 17, 2022.
The SPIA got the original proponent status in January 2022 following a failed bidding.
Under the contract, the selected JV partner and private sector proponent will be responsible for co-developing the project with the provincial government of Cavite, providing the necessary equity investment, debt financing, and credit enhancement, and performing the engineering, procurement, and construction (EPC) including the operation and maintenance services for the land and airport development of SPIA.
Sangley Point International Airport is envisioned as a two-runway airport with a capacity to handle 80 million passengers per annum, expandable to four runways to handle up to 130 million passengers per annum.
The project includes the construction of a four-kilometer connector road, with provisions for rail connectivity, as well as fully integrated logistics and aviation support facilities.
With the development of the first runway, SPIA can operate as a satellite runway to immediately relieve the extreme congestion of the runway at NAIA.
The SPIA development is expected to create 50,000 jobs and be a catalyst project to bring in foreign direct investment that will promote trade and economic development.
