MacroAsia Corp. has signed a joint venture agreement with PTC Holdings Corp. for the establishment of an aviation school in Luzon, which is expected to generate $17 million in revenues in its first five years of operation.
Based on the agreement, the two firms will invest $3 million to set up the aviation school, to be called First Aviation Academy, Inc., which will be based at Subic International Airport. MacroAsia will own 51 percent stake of the joint venture and PTC will hold the remaining 49 percent.
“Initially, it will pursue ab initio [from the beginning]pilot training, certification and career development courses in the field of aviation,” the company said in a disclosure to the Philippine Stock Exchange.
“The partnership aims to address the foreseen shortage of aviation professionals for airline clients not only in the Philippines but also in other countries,” it added.
The academy is expected to be fully operational in 2018.
Initially, First Aviation will use three aircraft for training: two single-engine light aircraft and one twin-engine light aircraft. It will also have two simulators with dual and control-loading yoke system and dual rudder pedals for simultaneous pilot and co-pilot control.
“FAA’s curriculum will include more than 200 flying hours using the single and twin engine aircraft, which is more than what is currently being offered in the industry. Also, geared with its commitment to create a link for employment for aviation professionals and airline companies, FAA is working on partnerships with different airlines in order to support this,” MacroAsia said.
The company is optimistic it can produce more than 300 pilots during the first five years of the aviation school’s operations.
MacroAsia is the aviation services unit of tycoon Lucio Tan.