Sunday, July 6, 2008 [ philstar.com ]
Corporate control of Clark International Airport Corp. (CIAC) has returned to the Bases Conversion and Development Authority (BCDA) from the Clark Development Corp. (CDC).
Thus, CIAC again becomes a subsidiary of the BCDA, allowing it to seek financing for its additional capital expenditures using the BCDA’s financial guarantee.
In an interview with The STAR, BCDA vice president Aileen Zosa said the transfer of CIAC back to the BCDA was effected two months ago through Executive Order 213, while the necessary implementing rules and Regulations (IRR) are being drafted to resolve a few legal and financial restrictions that would allow the BCDA to assume financial responsibility for CIAC.
Zosa explained CIAC is actually financially viable for its own operations.
However, CIAC still needs additional financing for substantial capital expenditures for spare parts for its traffic radar approach control (Tracon) facilities.
CIAC needs to borrow at least P100 million for spare parts for its Tracon facilities, Zosa said.
The BCDA would provide the necessary guarantee for the repayment of the CIAC loan since the former has a good credit rating, Zosa said.
The BCDA has already extended an initial P100 million to CIAC to purchase a necessary “radome” cover to protect the Italian-funded radar of the CIAC.
With the CIAC reverting back to the BCDA, Zosa said plans for the development of the Diosdado Macapagal International Airport (DMIA) into an international gateway would be coordinated with the BCDA’s development plan for Northern Luzon.
The BCDA agency is awaiting a $5-million feasibility study being made by the Korean agency KOICA for the development of the DMIA.
Zosa revealed this early several investors from Korea and Kuwait have expressed interest in investing in the DMIA.
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