The Philippines’ National Economic and Development Authority (NEDA) Board has approved an unsolicited proposal to develop the country’s Bulacan International Airport.
The approval is subject to a final review of the proposal, which was submitted by Philippines-based firm San Miguel for the construction of the airport with an investment of PHP735.6bn ($14bn), reported Reuters.
When developed, the airport is expected to ease congestion at Philippines’ main gateway in Manila.
San Miguel plans to explore the potential of building the project without any government subsidy and complete it in five years after receiving necessary government approvals.
The newly approved proposal is among eight other projects approved by NEDA Board to improve the country’s infrastructure.
Philippines Socioeconomic Planning Secretary Ernesto Pernia said: “We are pleased to see more infrastructure projects in the pipeline.
“As we roll them out, government shall keep working towards developing the country’s infrastructure to ensure easing of congestion in Metro Manila and spreading growth to the regions.”
As well as the Bulacan International Airport project, NEDA Board has approved the Clark International Airport Expansion Project-Operations and Maintenance PPP Concession (O&M Undertaking)/BCDAproposal.
The O&M Undertaking includes the competitive procurement of a technically qualified operator to perform the necessary internal fit-out.
It also includes the provision of necessary equipment and systems to complete, commission, operate and maintain the new terminal at Clark International Airport in Mabalacat, Philippines.
The project is estimated to require a capital expense of PHP5.61bn ($107m). It is expected to be implemented through a public-private partnership under the solicited Build-Operate-Transfer (BOT) mode, with a 25 to 30 year concession period.