Bilyonaryo Edgar Saavedra is bracing for the worst in Megawide Construction’s P109 billion offer to rehabilitate and expand the the Ninoy Aquino International Airport (NAIA).
Megawide managing director Louie B. Ferrer revealed that the company has been informed, albeit informally, that the National Economic and Development Authority-Investment Coordinating Committee (NEDA-ICC) has stripped Megawide’s original proponent status (OPS) for NAIA.
“Yung balita namin, mabilis rin na-revoke ‘yung OPS namin,” said the GMR Megawide Cebu president in an interview with DZBB radio on 14 December 2020.
But Ferrer said Megawide has yet to get a formal notice from NEDA-ICC.
In an exclusive report by BILYONARYO, Finance Secretary Sonny Dominguez and acting Socioeconomic Planning Secretary Karl Chua rejected Megawide’s unsolicited proposal because Saavedra’s “equity position is insufficient to finance the equity requirement for the proposed project. “
Megawide only has P18 billion in equity as of December 2019 which is too small for the P32.3 billion required for the NAIA project.
Apparently, Saavedra’s last-ditch efforts to save the deal, including getting Indian partner GMR to take a 40 percent equity, blew up in his face. Saavedra described BILYONARYO’s story as “misinformation” and threatened to sue the website for cyberlibel.
Megawide was granted OPS by the Manila International Airport Authority in 15 July 2020 just a week after terminanting its negotiations with a superconsortium Aboitiz InfraCapital, AC Infrastructure Holdings of the Ayala group, Alliance Global Group of Andrew Tan., Asia’s Emerging Dragon of Lucio Tan, Filinvest Development of the Gotianuns, JG Summit of the Gokongweis, and Metro Pacific Investments. NEDA also rejected the super consortium’s request to adjust the terms of the financing requirements for the NAIA project.