While the complete picture of the damage wrought by typhoon Tisoy (international code name: Kammuri), is still being assessed, we commend the authorities for their close coordination in the preparation for the devastation that the weather disturbance might bring. Hat’s off to the officials of National Disaster Risk Reduction Council, the Metro Manila Development Authority, weather bureau PAG-ASA, and the local governments who held the hands of the citizens living in the storm-path provinces.
The readiness of the private sector to assist is commendable. Their complementary and supplemental services reduced incidents that could have caused the loss of lives.
Meanwhile, I heard from the market place that banks are already preparing to participate in possible fund-raising program the project proponents of the Sangley Point International Airport (SPIA) will be conducting this coming year.
Total project cost is initially estimated at $10 billion, with the first phase costing $3 billion, covering the construction of the bridge that will connect Sangley Point to the metropolis and the expansion of the existing runway to supplement the operations at NAIA Terminals 1,2, and 3. Equity is 25 percent and loan financing at 75 percent. The equity component could be upsized to 30 percent, depending on a decision of the private-sector partner.
The second phase of the project would commence three to five years after the commercial operations of the first phase.
This early in the holiday season, children are looking forward to Santa’s gift on Christmas Day. This anticipation is likewise felt in the marketplace as final bids are submitted by the seven companies – Metro Pacific, MacroAsia, Prime Asset Ventures, Langham (Megawide), Philippine Airport Ground Support Solutions (PAGSS), Moslveldtt, and China Communications Construction – to become the partner for the SPIA joint-venture project.
The opening of bids of the seven companies is on December 17, 11 days as of this writing.
The winner will jointly implement this vital infrastructure project with the provincial Government of Cavite. A special purpose vehicle will be put up for the undertaking. The Sangley Point International Airport is designed to supplement and complement operations not only of Ninoy Aquino International Airport (NAIA) but also of the other international gateways that will soon rise – the Bulacan International Airport of San Miguel Corporation. Bulacan will serve Northern Luzon while SPIA will serve the southern part with a 25 million passengers annual handling capacity.
Aside from getting Munich Airport as its operational technical partner, to help address any turbulence that may come in the financing, the local government of Cavite has already engaged Land Bank of the Philippines as the trust accountant, which will oversee the disbursements of the funds to bankroll the project.
The wheels of business are spinning on the side of the passengers with all these public-private sector joint venture projects to smoothen travel.
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