MANILA - Seven of the country's biggest corporations eye forming a 'super consortium' for the rehabilitation and modernization of the Ninoy Aquino International Airport (NAIA), a source familiar on the matter said on Tuesday.
The seven groups include Ayala Corp., LT Group, Filinvest, JG Summit Holdings, Aboitiz Equity Ventures, Metro Pacific Investments, and Megaworld Corp.
The privatization and expansion of the Philippines' busiest airport was earlier put on hold as the government comes up with a comprehensive Luzon air gateway master plan.
The seven groups are planning on working together to finally have this infrastructure project implemented.
The National Economic and Development Authority has approved the upgrading of NAIA with an indicative cost of P74.56 billion ($1.65 billion).
Under the plan, the private partner/s will improve, upgrade and enhance the operational efficiencies of all existing terminals of the NAIA covering both landside and airside (except air traffic services), to meet International Civil Aviation Organization (ICAO) standards and develop the main gateway airport of the Philippines.