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Metro Manila (CNN Philippines, December 18) – Sen. Grace Poe noted a double standard in the selection process for private companies taking on government infrastructure projects, and found flaws in the sudden removal of Megawide Construction Corp. from the planned upgrade of the Ninoy Aquino International Airport.
Poe, who led the Senate investigation Thursday into another delay in NAIA’s rehabilitation project, found flaws in the Manila International Airport Authority’s decision to remove Megawide’s original proponent status at the first sign of trouble.
It was revealed that MIAA voted to remove Megawide’s preferential status after the National Economic and Development Authority raised questions about the company’s ability to fund the ₱ 109 billion plan as it lacked the component of 30% capital to finance the project.
Chua and Finance Secretary Carlos Domínguez III returned the Megawide-GMR plan to DOTr in November, saying that Megawide’s capital of $ 18 billion at the end of 2019 was nearly half of the $ 32.9 billion needed to support the NAIA rehabilitation plan.
TIMELINE: The NAIA rehabilitation project
Megawide officials told lawmakers they sent additional documents on November 20 and December 1 to prove they have the money. Jaime Feliciano, the company’s director of business development, said questions about the capital component of the project only need clarification.
The Philippine firm led by Filipino businessman Edgar Saavedra said it only needs to have $ 19.58 billion as exhibition money, or 60% of the equity component, while the remaining 40% will be financed by its Indian partner GMR Infrastructure. Feliciano said the money is on hand, combining $ 18 billion of his available capital at the end of 2019, with the rest being raised through a share sale this year.
“As we have seen in Dito (Telecommunity), the cost of their project is $ 250 billion and Dito’s share capital is only $ 20 billion, but the government is allowing it. So it seems very selective, too strict for one and too elastic for another. Senators are furious, “Poe told CNN Philippines. The fountain.
READ: Dito delays the market launch until March 2021
“Obviously, if Megawide didn’t make the cut and they violated the terms of the deal for an original proponent status, then definitely disqualify them, but please explain. From what we’re seeing, it’s not very clear.”
Megawide received OPS in July to replace the “super-consortium” of the nation’s seven largest conglomerates, only to lose it five months later.
“There are some companies that have a proven track record when it comes to operating and building airports. They have proven themselves at Mactan, the world-class airport they built, smooth operations is the A sample of what they can do. “, Poe said about Megawide.
“If they are so bad, why did the government get them back for the rehabilitation and expansion of the terminal in Clark? They have the capacity, at least they give them a chance,” he added.
READ: New Clark Airport Passenger Terminal Completed – DOTr
Poe said that fairness is simply a matter of interpretation that could easily be resolved.
Two companies, including San Miguel Corporation, have submitted their own proposals to operate and maintain the busiest airport in the country.
However, SMC clarified on Friday that it is only seeking an O&M contract for NAIA, which is markedly different from Megawide’s proposal.
“Unlike all the proposals that required a revenue share from the NAIA, including passenger fares and rentals, we are not interested in revenue. We want to improve the NAIA for passengers, “said SMC President and Chief Operating Officer Ramon Ang in a statement.
“We want it to be run more efficiently, to improve service levels, until the new airport is operational. All proceeds will go to MIAA.”
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