The consortium tasked to construct the Sangley Point International Airport signed with the Cavite provincial government a joint venture and development agreement for the $11-billion Sangley Point International Airport. | TyronePiad /PDI
Remulla said that the next step would be “full financial closure,” which refers to securing the funds for the project.
The consortium seeks to provide an annual capacity of 25 million passengers initially. It also plans to create a second runway to expand capacity to 75 million passengers per year.The Virata-Yuchengco-led consortium—which was granted original proponent status in January 2022—bagged the Sangley contract in September last year after completing the 60-day competitive or Swiss challenge about a month earlier.
The signing of the JV deal transpired as the Marcos administration plans to privatize the operations and maintenance of Naia, which was recently tagged as one of the most stressful airports in the world. Infrawatch PH convener Terry Ridon told the Inquirer that, apart from complying with project timelines, the SPIA project should also focus on convincing airlines to operate their flights via the gateway to serve its purpose as an alternative.
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