Megawide insists financial capacity to fund NAIA rehab project

This combination photo shows a file photo of the Ninoy Aquino International Airport Terminal 1 (left) and render of Megawide-GMR’s planned improvement of the country’s primary airport. Megawide seeks “to transform NAIA from one of the world’s worst-rated to among the world’s best airports.” FILE PHOTOS

MANILA, Philippines — Megawide Construction Corp. and GMR Infrastructure have maintained that they have the financial capacity to fund the Ninoy Aquino International Airport (NAIA) renovation as it formally filed its appeal for the restoration of its original proponent status (OPS) in the airport rehabilitation project.

In a motion dated December 21 and filed before the Manila International Airport Authority (MIAA), Megawide-GMR said it already submitted the necessary documents to prove its financial capability to fund NAIA’s improvement.

“We respectfully state that we submitted all the necessary documents to prove our financial capability to MIAA and DOTr weeks before the MIAA Board decided to revoke our OPS,” reads Megawide’s motion for reconsideration, which copy was obtained by INQUIRER.net.

Also, in December, Megawide wrote to NAIA to prove that it has “more than sufficient money” to finance the NAIA rehabilitation project.

“Megawide’s share in the equity requirement equivalent to Php19,575,138,130.74 will be fulfilled by a combination of (a) net worth amounting to Php 17,998,512,696.00 (2019 Audited Financial Statement submitted on 27 July 2020), and (b) Set-Aside Deposit of Php1,576,625,434.74,” the motion also noted.

“Based on GMR’s audited financial statement for the period covering April 2019 to March 2020, it has a total net worth of Php78.6 billion which is more than sufficient to meet its Php13.1 billion equity requirement share,” it added.

“Since the issuance of our OPS in July 2020, it has only been 5 months till the MIAA Board’s decision to revoke the OPS. We, therefore, believe that our additional submissions in November/December must be considered and we appeal to the Government for reconsideration on this matter,” it further reads.

Two weeks ago, without explanation and reason for cause, MIAA removed the OPS from Megawide and GMR’s P109 billion proposal to rehabilitate and transform NAIA into a world-class capital city airport.

Senator Grace Poe earlier said MIAA is scheduled to have another board meeting before the end of the year and the Department of Transportation (DOTr) said Megawide can still appeal or seek reconsideration.

Poe even expressed surprise over “the unilateral decision to revoke Megawide’s original proponent status without seeking its side on the matter.”

“I don’t know why you didn’t get their side from the beginning,” Poe told MIAA during last week’s Senate hearing. “If possible, instead of starting over, maybe you can give them a chance to rectify or clarify certain requirements.”

The partnership of Megawide Corp. and India’s GMR Infrastructure – the world’s fourth-largest airport operator – was responsible for the internationally acclaimed Mactan-Cebu International Airport.

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