2 giants want Cebu airport award

Monday, September 10, 2012
CEBU CITY -– The Ayala Corp. and Aboitiz Equity Ventures Inc. (AEV) have signed a joint venture agreement to compete for the new passenger terminal project at the Mactan-Cebu International Airport.
“We cannot think of a better partner for this project than the Aboitiz group, who has not only built a long history and heritage in Cebu, but also has a successful track record in undertaking significant projects in multiple industries,” Ayala Corp. President and Chief Operations Officer Fernando Zobel de Ayala said in a press statement.
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Between them, the two listed companies have stakes in power, telecommunications, banking, construction, real estate development and management, food processing, business process outsourcing and transportation, among others.
The Mactan passenger terminal project, estimated to cost P10 billion, is one of the ventures on the priority list of the Aquino administration’s Public-Private Partnership (PPP) program.
In their press statement, Ayala and Aboitiz said they have signed an agreement to form a 50-50 joint venture company that will serve as their vehicle to bid for and develop the second biggest airport in the country.
The Mactan Cebu International Airport Authority (MCIAA) said the existing terminal building was built in 1995 with a capacity of 4.5 million passengers per year.
MCIAA General Manager Nigel Paul Villarete said the capacity was breached in 2009 yet, with 4.7 million passengers. This year, seven million passengers are projected to use the facility.
Homegrown
Ayala said both organizations “strongly believe in the potential of the Mactan Airport to be a compelling gateway to the country for international passengers and to the Visayas for the growing domestic travelers.”
AEV President and Chief Executive Officer Erramon Aboitiz, in the same press statement, said: “We are equally excited about this partnership with Ayala, especially as it is for a project that gives AEV the opportunity to enter into a strategic new segment that is crucial to developing both the country’s transportation infrastructure as well as its tourism potential.”
“Moreover, the fact that the project is in Cebu, which is home to the Aboitiz Group, gives it more special meaning to us,” he added.
While not homegrown like Aboitiz, Ayala Land is responsible for the Cebu Business Park, the Ayala Center Cebu, the Asiatown IT Park and some high-end residential developments.
According to the PPP’s website, the project involves the construction of a passenger terminal building with a capacity of about eight million passengers per year, and the operation and maintenance of both old and new terminals.
The project has an indicative project cost of US$241.7 million, with the Department of Transportation and Communication (DOTC) designated as implementing agency.
2015 or later
Villarete said, though, that the final project cost will depend on the winning bidder’s design. The design will be prepared by the prospective concessionaires, based on standards, specifications, and service levels set by DOTC.
Projects of this magnitude take five to seven years of gestation, from the start of the feasibility studies to the start of operations, Villarete said. The studies of the new terminal should have started in 2005 so that it could be opened by the time the existing terminal reached its full capacity.
But he said the feasibility study was started in 2010 so they are looking at 2015 or later for the opening of a new terminal.
Based on MCIAA records, Villarete said the annual passenger movements were 4.7 million in 2009, 5.4 million in 2010 and 6.2 million in 2011.
In an interview yesterday, Villarete declined to say who the other probable bidders are, saying only that they will be announced in due time.
“But I can tell you that many are interested. Around 20 firms attended the first market sounding at the PPP Center last May, both local and foreign airport operators, banks, construction companies, systems services and investment groups, and many others have signified their interest,” he told Sun.Star Cebu.
Timetable
He added that the bidding will strictly follow the procedures, rules and regulations for competitive tender for PPP, and that the Department of Transportation and Communications will uphold the principles of prudence, transparency and accountability.
“I am confident it will be competitive and will bring about the best advantage for the government,” Villarete added.
The feasibility study, assisted by Korean International Cooperation Agency (KOICA), was completed in October last year.
Neda’s Transaction Advisory Services has yet to finalize the Business Case and PPP Structure. Once approved, both will be submitted to the NEDA-Investment Coordinating Committee (ICC) for approval under the PPP process.
“We’re looking at end of September or October for NEDA-ICC deliberation. After ICC approval, the tender procedure will follow under existing rules and regulations. All in all, we are looking at a PPP award by third or fourth quarter of next year, depending on how long the winning concessionaire can achieve financial close. They will be the ones who will design and construct the new terminal, which maybe completed and opened end of 2015 or early 2016,” Villarete said.
Why wait?
Earlier this year, passengers complained about the extreme heat in the Mactan Airport’s pre-departure areas because their aging air conditioning units could not handle the large summer crowds.
Last week, water flowed out of a floor drain in the domestic arrival hall’s baggage claim area, because the plumbing system couldn’t contain the unusually large volume of rainwater.
“We don’t want to reach the point just like what happened in Manila where new flights are no longer accepted during the day or that airlines are even asked to decrease their flights. Do we want this to happen in Cebu? It will, if we don’t do this fast,” Villarete said.
The government is expected to announce the bidding for the Mactan Airport project before the end of the year. Both parties will then enter into a definitive agreement once the bid rules or the terms or reference for the project have been finalized and published, the Aboitiz-Ayala statement said.
They are also open to forming a consortium with global airport operators.
Aboitiz Equity Ventures declared a consolidated net income of P11.81 billion as of June 30 this year. It told the Philippine Stock Exchange (PSE) that this represented a 16 percent increase year on year.
Ayala Corp., for its part, told the PSE its consolidated net income for the first half was P6.1 billion, or about 23 percent higher than in the same period in 2011. (EOB/With LCR of Sun.Star Cebu)
Published in the Sun.Star Cebu newspaper on September 10, 2012.
http://www.sunstar.com.ph/cebu/local-news/2012/09/10/2-giants-want-cebu-airport-award-241981\
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Wine@Yats-International.com

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