More investors interested in NAIA funding, says Ang

MANILA, Philippines — More potential investors, including those who unsuccessfully bid, have expressed interest in participating in the 15-year contract to operate and upgrade the Ninoy Aquino International Airport (NAIA), the project’s winning proponent said.

Tycoon Ramon Ang, president and CEO of San Miguel Corp. (SMC) which leads the consortium that bagged the NAIA privatization contract, said they are keeping the funding runway open for other investors.

“We are open to partnerships to share the blessing,” he said.

The STAR earlier reported that Maharlika Investment Corp. (MIC), the country’s first sovereign wealth fund, wants a piece of the NAIA action as one of the projects under a P40-billion investment fund it allocated this year.

Ang confirmed that MIC has expressed interest in investing in the NAIA upgrade project.

Aside from Maharlika, Ang said tycoons Lucio Co and Jeffrey Cheng, who vied for the NAIA contract as well, wants to take part in the project, touted as the largest solicited public-private partnership (PPP) under the Marcos administration.

“It’s a good investment that’s why even Lucio Co and Jeff Cheng want to join,” Ang told The STAR.

Co and Cheng are partners in Asian Airport Consortium which was among the four groups that submitted a bid for NAIA.

However, the group’s technical proposal failed to hurdle the review of the Pre-Qualifications Bids and Awards Committee, preventing the consortium from proceeding to the next stage of the process.

The Asian Airport Consortium offered the second highest bid among the four groups with a revenue share of at least 75 percent while GMR Airports Consortium submitted a proposed share of 33.3 percent. The Manila International Airport Consortium offered 25.91 percent. SMC SAP & Co. Consortium’s bid was a revenue share of 82.16 percent.

MIC president and CEO Rafael Consing Jr. said they are interested in the NAIA rehabilitation project as it is “potentially financially rewarding and will contribute to the development of the country.

He did not say how much MIC is willing to pour in as this would still go through the corporation’s investment committee.

It also depends on whether SMC would need financing from MIC, Consing has said.

The MIC chief maintained that participating in the NAIA rehabilitation would be “one of the best” for Maharlika, adding so much credibility to the country’s first sovereign wealth fund.