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- Category: Top News
- Published on Wednesday, 13 February 2013 20:48
- Written by Jun Vallecera | Reporter
Metro Pacific Investments Corp. (MPIC) has joined forces with JG Summit to execute the P16-billion project transforming the outdated facilities of the Mactan Cebu International Airport (MCIA) into a premier gateway.
This was learned on Wednesday from MPIC Chairman Manuel V. Pangilinan who, at the sidelines of events that the TV5 network hosted at the Resorts World Hotel, said that MPIC and JG Summit have come to an interim agreement to manage the MCIA on a joint basis.
“We have reached an agreement in principle to manage the MCIA as a consortium,” according to Pangilinan.
Under the agreement, JG Summit was limited to owning no more than 30 percent of the special purpose vehicle that will be created should the partners win the public-bidding process.
This was because JG Summit has interest in Cebu Pacific Airlines as its fully-owned subsidiary.
The original bidding rule prospectively excluded airline operators from participating in the bidding process, a regulatory restriction that Transportation Secretary Joseph Emilio Abaya would later relax to finally allow airline operators to participate.
At the pre-qualification process that the Department of Transportation and Communications held at the Edsa Shangri-La Hotel also on Wednesday, executives said that prospective bidders for the MCIA transformation program have reportedly increased from seven original participants to around 11.
This cannot be independently validated at press time, however.
Along with JG Summit, which owns Cebu Pacific Airlines, San Miguel Corp., which controls the flag carrier Philippine Airlines, also expressed interest in participating in the MCIA expansion and transformation program.
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