Updated Dec 24, 2018, 3:04:47 PM
Metro Manila (CNN Philippines, December 24) — The National Economic and Development Authority (NEDA) Board has given the go-signal to the results of negotiations between the transportation department and San Miguel Holdings Corporation (SMHC) on a revised concession agreement for the proposed Bulacan International Airport project.
In a statement on Monday, NEDA said the revised agreement would go through a final review by the solicitor general and finance department before the ₱735.63 billion project is placed under a Swiss Challenge. This process would allow third parties to match or improve on SMHC's bid.
Under the public-private partnership (PPP) unsolicited proposal, SMHC would pay for the whole project with no government guarantee or any subsidy.
"These are substantial features, proving the project is adequately advantageous to the government," Socioeconomic Planning Secretary Ernesto Pernia said. "They certainly raise the bar on unsolicited PPP projects."
SMHC's offer covers the construction, operation, and maintenance of an international airport on a 2,500-hectare property in Bulacan, Bulacan. It includes four parallel runways and a passenger terminal that can accomodate 100 million passengers a year.
NEDA approved the project last April 25.