A solid pathway for growth in Cebu!
GMR-Megawide Cebu Airport Corp. (GMCAC) has secured P23.3-billion financing agreement with the Asian Development Bank (ADB) and a consortium of banks in the Phillipines to be used for the rehabilitation and expansion of the Mactan-Cebu International Airport.
GMCAC inked in December 2014 an Omnibus Loan and Security Agreement (OLSA) with a consortium made up of: BDO Unibank, Bank of the Philippine Islands (BPI), Development Bank of the Philippines (DBP), Land Bank of the Philippines, Metropolitan Bank and Trust Company (MBTC) and the Philippine National Bank (PNB). The OLSA was amended in January 2015 following the approval of a US$75million loan from the ADB for the project. GMCAC won last year a highly and hotly contested bidding war to build a new airport terminal in Mactan, Cebu. It met quite a challenge from other bidders, who said that the company’s finances are questionable enough to fail for the bidding.
According to Manuel Louie Ferrer, president of the GMCAC, the agreement means solid coffers ahead to ensure that the rehabilitation and expansion of the MCIA goes smoothly as possible. The Mactan airport is considered as the second busiest gateway in country as it serves nearly eight million passengers a year.
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| Design of the New Mactan airport |
GMCAC is represented by Ferrer and Chief Executive Adviser Andrew Acquaah Harrison in the agreements. Also present is ADB President Takehiko Nakao, who said that the the bank was happy to contribute to “this great achievement through the PPP (public-private partnership).” He said that he is looking forward to the MCIA becoming “a world-class place.” Presidents or high officers of the banks in the consortium were also present at the celebration event.
Other personalities present are Undersecretary Rene Limcaaoco (Department of Transportation and Communication), PPP Center Executive Director Cosette Canilao, Mactan Cebu International Airport Authority General Manager Nigel Paul Villarete, GMCAC Corporate Affairs Chief Estee Marie Plunket and a number of local government executives.
