MANILA, Philippines — The Yuchengco Group is optimistic on the viability of the Sangley Point International Airport in Cavite as the country’s future premier international gateway, its chairperson Helen Yuchengco-Dee told The STAR.
The House of Investments (HI), the investment holding and management company of the Yuchengco Group, is one of co-lead Philippine proponents of the consortium behind the Sangley airport project.
“We participated in this consortium, which submitted the unsolicited proposal last November 2021, because we like the development proposition and believe in the growth potential of Sangley airport as the future premier airport of the country,” Dee said.
HI is one of the consortium partners with the status of co-lead Philippine proponent, with Cavitex Holdings as the lead proponent.
The holding company will provide equity while its construction arm EEI Corp. will be the lead construction proponent of the airport project.
The provincial government of Cavite and the joint venture partner are aiming to break ground on the airport by the end of the year, said Cavite Gov. Jonvic Remulla.
The private sector consortium of local and foreign companies, called SPIA Development Consortium, last year submitted a $10.9-billion unsolicited proposal to develop the airport.
The proposal had been formally accepted by the provincial government of Cavite.
Aside from HI and Cavitex Holdings Inc., which is chaired by businessman Luis Virata, the other local partner is Lucio Tan’s MacroAsia Corp., which will provide management and technical services for the aviation support and logistics component of the project.
Joining them are global companies Samsung C&T Corp. of South Korea, Munich Airport International GmbH, and London-based design and engineering firm Arup Group.
The consortium said they are ready to transform the airport into a premium gateway that can provide an alternative to the congested Ninoy Aquino International Airport.
It intends to develop the SPIA in three phases, with Phase 1A to cost $2.3 billion, Phase 1B for $2 billion, and Phase 2 for $6.6 billion.
HI has already obtained the approval of its board to partner with the provincial government of Cavite as part of the private sector consortium developing the airport.