The Philippines’ Department of Transportation and Communications (DOTC) and Mactan-Cebu International Airport Authority (MCIAA) awarded its 25-year concession to the GMR-Megawide Consortium last Friday (4 April 2014).
 
DOTC spokesman Michael Arthur Sagcal said: “Amidst all the noise drummed up in different forums the past few months, the DOTC has allowed nothing but the law and the country’s interests to matter in awarding the project. Finally, Cebuanos will soon get the world-class airport they deserve – one that will not only boost the province’s economy and tourism industry, but the whole country’s as well.
 
“This project should have been done at least a decade ago, so there is no more time to waste. We have resolved all issues, we are ready to defend our decision and it is now time to push forward on Daang Matuwid by delivering our services to the people,” Sagcal added.
 
After a protracted bid process, the GMR-Megawide Consortium is now committed to renovating the existing passenger terminal building (PTB), building a new terminal to service international flights and operating the airport. For these rights it is paying Ps.14.4bn ($320m) to the Government of the Philippines. The DOTC says this offer was chosen over six others to develop the facility..
 
GMR-Megawide now has twenty days to complete the post-award requirements, such as the submission of an irrevocable letter of credit in the amount of Ps.180m ($4m) and the payment of the premium amount to government through MCIAA. The agreement is expected to be signed once these requirements are met, with the whole project expected to take three to four years to complete.