The 1,500-hectare international airport development will be implemented as a commercial JV arrangement between PGC and the selected JV partner. The latter will be responsible for co-developing the project, providing the necessary equity investment and credit enhancements and, subject to a further competitive process or price test, will perform engineering, procurement and construction services for the land and airport development components of the project.
In addition to the legal, technical and financial qualifications set by the Cavite government, the selected JV partner must also pass the credit standards of the project lenders.
Qualified firms are given until November 25 to submit their JV proposals.
Since the project will be pursued under public-private partnership (PPP), it will no longer require the approval of the National Economic and Development Authority to be implemented.
“Modernizing air transport in the country with a world-class airport project is a huge undertaking. It requires innovative capacities and reliable resources that could be more efficiently expedited with joint public and private sector expertise,” Cavite governor Jonvic Remulla said in a statement.
“PPP has proven vital in improving the quality of infrastructure projects for the benefit of Filipinos, and we expect nothing less for Sangley Point International Airport here in Cavite. We look forward to the joint venture because it will open new avenues not only in terms of stimulating efficiency for national economic growth, but also for the urbanization of Cavite,” Remulla added.
The airport hub, which is being positioned as an alternative to congested Ninoy Aquino International Airport and the next big thing in air transport innovation in the country, will feature four runways as well as airside and landside facilities.
The airport, according to local officials, is expected to be on a par with Singapore’s Changi International Airport, Hong Kong International Airport, and South Korea’s Incheon International Airport,
The project’s first phase is slated for completion in 2022 and is expected to accommodate 75 million passengers yearly.
The second phase of development will follow with target completion of 2028. The airport can accommodate up to 130 million passengers annually once fully completed.