Funds and jobs secured for NAIA rehab project – Megawide
MANILA, Philippines — Megawide Construction Corp. and its partner, GMR Infrastructure, the world’s fourth largest airport operator, have complied with the equity requirement set by the National Economic Development Authority (NEDA) for their proposal to rehabilitate the Ninoy Aquino International Airport (NAIA).
All 14,000 jobs at NAIA will also be secured.
Edgar Saavedra, Megawide chairman and CEO, made these assurances in a statement issued on Saturday.
Megawide was awarded Original Proponent Status in July 2020 after two years of negotiations with the former proponents fell through, Saavedra said.
Following an inspired letter from the Office of the President last November 2020, Megawide Construction Corporation and GMR Infrastructure, Ltd. have no plans on backing down from their proposed vision for the aging NAIA, especially since they had secured the equity portion for the $2.3B project cost under 60-40% project financing.
Saavedra quoted part of the letter that President Rodrigo Duterte sent to Megawide and GMR as they marked the sixth anniversary of the Mactan-Cebu International Airport’.
“Your impressive work in the development and operation of the Mactan-Cebu International Airport strongly affirms how dynamic public-private relationships can lead to successful ventures that redound to the benefit of our people,” Duterte said.
Megawide was responsible for the recent construction of the new Clark International Airport passenger terminal building and the now internationally acclaimed Mactan-Cebu International Airport.
As lockdown restrictions are constantly changing, the Philippines has been looking for new avenues to attract investments and rebuild businesses and tourism confidence as 2021 looms closer.
In the same letter, Duterte said that Megawide should be inspired “to explore and pursue more innovative solutions to boost our tourism and transport industries, even amidst the challenges of COVID-19.”
Finding such solutions, the president added, will “make travel opportunities more fun and safe for everyone.”
The NAIA, formerly known as the Manila International Airport, which first opened in 1948, has undergone several repairs and remodeling through the years, but the Megawide-GMR proposal is so far is the most innovative and visionary for the airport.
Megawide and GMR assured that within the first six months of operations travelers will begin experiencing a transformed NAIA.
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