GMR-Megawide set to renovate, expand Mactan airport

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After much delay in the finalization of the awarding of the development concession for the Mactan-Cebu International Airport, winning bidder GMR-Megawide consortium is now set to renovate, expand and operate the facility. The group recently signed a 25-year concession agreement with the Department of Transportation and Communications (DOTC), after fulfilling all post-award requirements, including payment to the Mactan-Cebu International Airport Authority of the P14.4-billion premium it offered. “The premium itself is about P14.4 billion, [and]including VAT [value-added tax]-it’s about P16.1 billion. Just for the terminal building, we are looking at P17.5 billion,” said Michael Cosiquien, chairman and chief executive officer of GMR-Megawide. “We provided 30 percent equity and 70 percent debt, [which was]provided by BDO [Banco de Oro],” Cosiquien said. He added that of the 30-percent equity, Megawide will provide 60 percent and GMR 40. “We haven’t finalized the [total]costing yet. The P17.5 is for the airport only,” he said.

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