Slow funding stalls Sangley

We’re just waiting for the other parties involved. There are other parties involved and we are just waiting from their end

Development of Sangley Airport has been stalled as the group handling the project is waiting for documents and funding from investors, MacroAsia Corporation, a member of the new Sangley Point International Airport Development Consortium, said.

“Right now, there is not any significant update on the project and we have not committed to any specific timeline. There’s nothing specific for the MacroAsia side,” MacroAsia Corporation president and COO Eduardo Luis Tan Luy told reports in a chance interview last week.

“We’re just waiting for the other parties involved. There are other parties involved and we are just waiting from their end,” he added.

Asked if MacroAsia is waiting for documents and funding, Luy said: “I think it could be a mix of both.”

Members of the new SPIA Development Consortium are Cavitex Holdings Inc. House of Investments Inc., Samsung C&T Corp., MacroAsia Corp., Munich Airport International and Arup. They currently enjoy the original proponent status with the right to match any challenge.

The consortium pushed through with its unsolicited proposal to redevelop the air hub in Cavite province amid an absence of challengers.

The Cavite province did not receive alternate bids challenging the unsolicited proposal submitted by the SPIA consortium.

The competitive challenge process was supposed to test the technical and commercial soundness of the proposal as well as the strength of the financial and technical qualifications presented by the group.

MacroAsia and its partner China Communications Construction Co. Ltd. previously negotiated with Cavite for the project in 2020, but the government terminated its notice of selection and award in January 2021.

The cancelation was due to “various deficiencies in the submission of requirements to conclude the joint venture agreement.”

Right now, there is not any significant update on the project and we have not committed to any specific timeline.

The long-delayed Sangley Airport project is envisioned as a fully modernized, world-class, and green airport that is designed to meet an anticipated increase in demand for air transport in the next 30 to 40 years, and as operations at NAIA are eventually phased out to allow for the development of the site and its surrounding areas.

Sangley Point Airport is currently operated by the national government to complement the runway of NAIA.