GMR group secures airport project in Philippines

GMR group secures airport project in Philippines

A consortium of GMR group and Megawide has secured a US$ 700 million contract to develop and operate the Mactan-Cebu International Airport in the Philippines.

The Department of Transportation and Communications (DOTC) of Philippines has awarded the contract to the consortium. The project worth US$ 700 million includes US$ 320 million upfront payment to the Philippines government, according to a GMR official.

Michael Arthur Sagcal, a Spokesperson of the DOTC said in a release that the project with a tenure of 25 years was awarded to GMR-Megawide following a review of several months in which the authorities determined varios legal issues relating to 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," Sagcal said.

He also said that the authority kept the law in mind while awarding the project. He pointed that they have resolved all the issues on the project and are now ready to go ahead with the Daang Matuwid project.

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