Connect with us

Hi, what are you looking for?

Economy

Megawide says NAIA rehab proposal still valid

MEGAWIDE Construction Corp. said its proposal to rehabilitate the Ninoy Aquino Airport (NAIA) remains valid.

The company issued the statement late Monday night after a news website reported that the National Economic and Development Authority (NEDA) had “junked” the proposal.

Megawide said, “The letter of Secretaries (Carlos G.) Dominguez and (Karl Kendrick T.) Chua, as chair and co-chair of the NEDA-ICC (Investment Coordination Committee), dated 19 November 2020, merely asked for the full submission of the requirements from the Megawide-GMR (GMR Infrastructure Ltd.) consortium to demonstrate capabilities to deliver a first-world NAIA.”

A paragraph from the letter, according to the company, stated: “May we request DOTr (Department of Transportation) to kindly ensure that all the requisite requirements…are complied with by the private proponent in form and substance, and evaluated by the DOTr in accordance with Rule 5 and Sections 10.5, 10.7 and 10.8 of the Amended BOT (build-operate-and-transfer) Law and its IRR (implementing rules and regulations), prior to the endorsement or resubmission of the unsolicited proposal for NEDA/ICC Board action.”

Megawide said it submitted on Nov. 20 additional documents to prove its financial capability to undertake the project.

“Under the new arrangement, Megawide will have a majority stake at 60% while GMR has agreed to provide forty per cent (40%) of the equity requirement for the project,” the company explained.

Messrs. Dominguez and Chua have yet to comment on the matter.

NEDA said in a statement on Monday: “NEDA can’t comment as the subject project is still in process. Thank you for understanding. We’re not also sure what’s the source of the site.”

On Nov. 16, Megawide Director Manuel Louie B. Ferrer said he was hoping the Swiss challenge for the project would be completed by the first quarter of 2021.

The company expects to spend P12 billion for the first phase of the project and P20 billion for the second phase in the first three to four years of implementation, according to Megawide Chairman and Chief Executive Officer Edgar B. Saavedra.

The project will involve improvements to airside and landside; construction of a new passenger terminal building; and apron and taxilane improvements. Also, the cargo terminal and fuel farm will be moved to accommodate the new passenger terminal building and prevent disruption in operations.

The company will also build a bus rapid transit and elevated railway that will ferry passengers within the NAIA complex.

Megawide shares on Tuesday closed 4.26% lower at P9.90 apiece. — Arjay L. Balinbin

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Jenina P. Ibañez, Senior Reporter PHILIPPINE MANUFACTURING activity rose to an eight-month high in November, as new orders increased for the first time...

Economy

THE NATIONAL Government’s outstanding debt swelled to P11.97 trillion as of the end of October as it offered more domestic securities, preliminary data from...

Economy

MOTORISTS experience heavy traffic along Commonwealth in Quezon City on Wednesday. — PHILIPPINE STAR/ MICHAEL VARCAS BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E....

Economy

THE SENATE on Wednesday approved on third and final reading the proposed P5.024-trillion national budget for 2022. Senators unanimously passed the 2022 General Appropriations...

Economy

EVERYTHING’s coming full circle from the boy from Cebu who wanted to write but ended up cooking. Myke “Tatung” Sarthou, celebrity chef, started out...

Economy

1 of 6 THE VIRTUS awards by the Hotel Sales and Marketing Association (HSMA) Philippines continues to honor professionals and institutions in hospitality: a...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.