Business

Lucio Tan-led consortium given more time to complete requirements for Sangley airport project

MacroAsia Corp. of bilyonaryo Lucio Tan was given additional time to fully comply with the requirements for the $10 billion Sangley Point International Airport in view of the coronavirus pandemic.

MacroAsia Corp. of bilyonaryo Lucio Tan was given additional time to fully comply with the requirements for the $10 billion Sangley Point International Airport in view of the coronavirus pandemic.

“Considering the continuing adverse impact of the COVID-19 pandemic and in the exigency of the service, we grant your request for extension of 90 days immediately after commercial air travel resumes between the Philippines and China to comply with all the conditions…,” the Provincial Government of Cavite said in a letter to MacroAsia.

MacroAsia and its partner China Communications Construction Co. Ltd. was awarded the $4 billion first phase of the project, which involves the construction of one runway and a terminal with a capacity of 25 million passengers per year.

The consortium was originally required to submit postqualfication documents in April But this was extended until June 11 and further to September 9.

Cavite Governor Jonvic Remulla earlier said they couldn’t sign the joint venture agreement until they get the full financial guarantee from the Macroasia-CCC consortium.

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