Published on 10 September 2012 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR REPORTER
Ayala Corp. and Aboitiz Equity
Ventures Inc. (AEVI) are all set to bid as a joint venture for the Mactan-Cebu
International Airport Passenger Terminal project, which is estimated to cost
P10 billion.
To take part in the government’s
public-private partnership program, Ayala Corp. and AEVI entered into a
memorandum of agreement to form a 50-50 joint venture company that will serve
as their vehicle to bid for the Mactan Airport project.
In a statement, the redevelopment of
the Mactan Airport will require the construction of a new international
passenger terminal since it is currently operating at over capacity with
passenger volume exceeding five million annually and projected to grow even
faster with the expected increase in tourist arrivals.
“We cannot think of a better partner
for this project than the Aboitiz group who has not only built a long history
and heritage in Cebu City, but also has a successful track record in
undertaking significant size projects in multiple industries,” Ayala Corp.
President and Chief Operating officer Fernando Zobel de Ayala said.
“Both groups strongly believe in the
potential of the Mactan Airport to be a compelling gateway to the country for
international passengers and to the Visayas for the growing domestic
travelers,” Ayala added.
AEVI President and Chief Executive
Officer Erramon Aboitiz, meanwhile, said, “We are equally excited about this
partnership with Ayala, especially as it is for a project that gives AEVI the
opportunity to enter into a strategic new segment that is crucial to developing
both the country’s transportation infrastructure as well as its tourism
potential”.
Aboitiz also noted that combined with the Ayala group’s
strengths and competencies that have also been honed over more than 100 years
of doing business, they are very optimistic about the success potential of the
project.
“Moreover, the fact that the project is in Cebu, which is
home to the Aboitiz Group, gives it more special meaning to us,” he added.
The government is expected to announce the bidding for the
Mactan airport project before the end of the year. Both parties will enter into
a definitive agreement once the bid rules or the terms of reference for the
project have been finalized and published by the government, and will likewise
explore partnerships with experienced global airport operators to complete its
consortium.
Ayala, through its property arm, Ayala Land, Inc., has also
built a significant presence in the country’s second largest city. It has a
total land bank of close to 200 hectares that includes some of the city’s
landmarks such as the Cebu Business Park, the Ayala Center Cebu, the Asiatown
IT Park and high-end residential developments.
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