BDO Unibank Inc. is interested in extending the San Miguel Corp. the funds it requires to take over and rehabilitate, operate, and maintain the Ninoy Aquino International Airport (NAIA) won in a bidding process.
“There is no problem. I think they have the substance and we believe we have to improve the NAIA so, we’re helping,” Teresita Sy-Coson, BDO chairperson, told reporters on whether BDO is interested in financing the NAIA project.
Coson, however, quickly ruled out any plan to invest in the consortium.
“No investment, just a lender,” she said.
The SMC SAP Company Consortium compose of the San Miguel Holdings Corp., RMM Asian Logistics Inc., RLW Aviation Development Inc. and Incheon International Airport Corp. earlier secured the P171 billion contract to rehabilitate and operate the NAIA.
San Miguel Group is mobilizing at least P88 billion in capital investments in first six years of the contract and P122.3 billion more in capital investments for the entire 25-year concession period.
With the signing of the concession agreement with the government last month , the operations and maintenance of the airport will be handed over to San Miguel Group on or before September this year.
The NAIA PPP Project is expected to herald economic growth for the country and help lift tourism arrivals with improved levels of service and upgraded airport infrastructure.
The project requires capital investment to improve the airport’s facilities consistent with the International Civil Aviation Organization (ICAO) and other internationally accepted standards.
The concessionaire is required to undertake works to enhance the compliance, safety and security of the airport, optimize and boost airport capacity to cater to the increasing air traffic, in accordance with objective parameters to be provided in detail in the concession agreement.
