Metro Pacific open to joining partnership for airport project

METRO PACIFIC Investment Corp. (MPIC) is open to entering into a partnership for the construction of a new airport in the country, its chairman Manuel V. Pangilinan said.

Although the government is yet to decide on a new gateway to address persistent aviation concerns, Mr. Pangilinan said MPIC would be open to looking at unsolicited proposals earlier submitted to build a new gateway either in Sangley Point or on the reclaimed land in Manila Bay.

“Let me put it this way, I think we’re open to that. But obviously that’s easier said than done. There are no details yet on what those projects will entail, how much (it would cost). I don’t know. But I think, all of the proponents are correct that the country does need a new airport,” Mr. Pangilinan told reporters at the sidelines of the recent MVP Bossing Awards 2016.

Currently, there are unsolicited proposals to build a new airport from two groups, one led by the Sy family’s Belle Corp., another one led by San Miguel Corp.’s Ramon S. Ang.

Belle, which is part of the SM Group, teamed up with the Solar Group-led All-Asia Resources & Reclamation Corp. which is submitting a $50-billion proposal to develop an airport and economic zone at Sangley Point.

Mr. Ang’s San Miguel had earlier proposed a $ 10- billion airport on reclaimed land in Manila Bay. Last June, Mr. Ang disclosed a possible cooperation with MPIC for the proposed international airport, saying he has personally discussed this with Mr. Pangilinan.

“We’re open [ for a partnership]. We don’t have any commitment with anybody with respect to the new airport so we’re open to partner whoever, whatever the process the government decides, whatever process they might decide to do or adopt. But we need one airport pretty badly I think, a new one,” Mr. Pangilinan said.

The MPIC chief said it will be up to the government to decide whether an airport in Sangley or Manila Bay airport is more feasible.

“Ultimately it’s a government decision. And if the government decides to put it here, there or wherever, we follow,” he said.

The main gateway, the Ninoy Aquino International Airport (NAIA) suffers from congestion, with 36.68 million people passing through the country’s four terminals, well over its designed capacity of 30.5 million passengers per annum, the Civil Aviation Authority of Philippines (CAAP) said in June.

The International Air Transport Association ( IATA) urged the new government to come up with a master plan for the country’s aviation sector — either to build another gateway or maximize other airports outside Metro Manila — in order to boost its possible contribution to the Philippine economy.

The government has earlier moved to upgrade the NAIA, approving a P74.56- billion Development Project to upgrade all four terminals of the country’s main gateway.

MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary Mediaquest Holdings, Inc. — maintains an interest in Businessworld through the Philippine Star Group, which it controls.

Shares in MPIC closed P6.60 apiece, up from its previous finish of P6.59.