MANILA, Philippines - Ayala Corp. is forging an exclusive alliance with Aboitiz Equity Ventures Inc. (AEV) for the auction of the Mactan-Cebu International Airport Passenger Terminal project, a statement over the weekend showed.
This is the second time Ayala is taking on an exclusive alliance as it seeks to bolster its chances of bagging large-scale infrastructure projects under the government’s massive Public-Private Partnership (PPP) Program. In April it announced a similar tie-up with Metro Pacific Investments Corp. for railways.
Such agreements among major corporations are advantageous as these help dampen the competition while improving their own chances of winning contracts by combining resources and expertise.
Based on the statement, Ayala and AEV signed a memorandum of agreement to form a 50-50 joint-venture company that will serve as their vehicle to bid for and develop the Mactan-Cebu International Airport, the country’s second-largest international gateway. The project is estimated to cost P10 billion.
“Both groups 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,” Ayala President and Chief Operating Officer Fernando Zobel de Ayala said.
“We share the vision of creating an airport that provides passengers an efficient and pleasant travel experience,” he added. [ABS-CBN]
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