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Philippines : FPH joins BIDDING for AIRPORT terminal redevelopment project
Publish Date : 10-Apr-2013
The Lopez-led First Philippine Holdings Corp. will join the bidding for the P17.5-billion Mactan-Cebu International Airport passenger terminal redevelopment project. Awash with proceeds from the sale of shares in Manila Electric Co., FPH had it had gained a net income of P9.6 billion in 2012 compared with only P2.1 billion last year.
FPH chief information officer Francis Giles Puno said that the company booked a one-time gain of P6.1 billion from the sale of shares in Meralco to the group of businessman Manuel V. Pangilinan. FPH also made extraordinary gains of P2.1 billion relating to the consolidation of investments in upscale property developer Rockwell Land Corp.
With a stronger balance sheet in the aftermath of the sale of shares in Meralco, FPH will take on more infrastructure projects. It had board approval to participate, through a consortium, in the pre-qualification and bidding for the financing, design, construction, operation and maintenance of the Mactan-Cebu airport passenger terminal rehabilitation and expansion project. The Mactan-Cebu project is being offered as per the public-private partnership (PPP) program of the Philippine government. As oer a PPP Center briefing paper, the project will include the construction of a world-class passenger terminal building with a capacity of eight million passengers a year and the operation and maintenance of the old and new facilities.
FPH is among the five contenders for this project. The others are Megawide Construction Corp. in partnership with GMR Infrastructucre Ltd of India; the consortium between Pangilinan-led Metro Pacific and tycoon John Gokongwei; the alliance between the Aboitiz and Ayala groups; and the San Miguel Corp. in partnership with tycoon Lucio Tan.
