CyberBay rises as Manila Bay property eyed for new airport

by Coco Alcuaz,

Posted at May 15 2014 05:58 PM | Updated as of May 16 2014 01:58 AM

MANILA, Philippines - CyberBay Corp. was one of the big gainers on Thursday, up for the fourth day.

San Miguel president Ramon Ang said the secret location of his Metro Manila airport proposal is CyberBay's 750-hectare Manila Bay reclamation project.

The problem is the project had hardly begun when it was voided by the Suprem Court in 2002.

After trading on Thursday, CyberBay said it had no participation in the project, which may put a damper on the shares tomorrow.

"Please be advised that the Company has no participation with respect to the reputed proposal," the company said.

San Miguel itself slipped for a second day.

Although the government said it is open to the proposal, it has repeatedly said it doesn't favor unsolicited projects. And this would be a big one.

The $10 billion (P436 billion) San Miguel airport proposal would be more than six times bigger than the government's biggest unsolicited project, the P65 billion LRT 1 Extension.

At 750 hectares, it would also be bigger than two municipalities, San Juan and Pateros.

But if all this proves too big for the government to swallow, there's still no credible solution to the congestion at NAIA, where another person fainted from the heat on Thursday, and hundreds of potential investors will stream through next week for the East Asia edition of the World Economic Forum.