BCDA, NLAC sign Clark concession agreement

Credit to Author: LISBET K. ESMAEL| Date: Tue, 22 Jan 2019 16:27:43 +0000

The Bases Conversion and Development Authority (BCDA) on Tuesday signed a concession agreement with the North Luzon Airport Consortium (NLAC) for the development of the Clark International Airport.

NLAC, composed of Filinvest Development Corp., JG Summit Holdings, Inc., Philippine Airport Ground Support Solutions, Inc., and Changi Airport Philippines Pte. Ltd., won a 25-year operation and maintenance (O&M) deal for Clark last month.

It defeated the X-Droid Consortium composed of Angkasa Pura II, Globalport 900, Mazy Capital and Desco.

Filinvest and JG Summit told the Philippine Stock Exchange on Tuesday that the consortium had finally formalized their bid to upgrade Clark, dubbed as the “next premier gateway to Asia”.

A new terminal is expected to be operational by 2021 and the consortium has said that it would be spending about P6 billion to improve and increase the air hub’s capacity to serve eight million passengers per annum, double the current capacity.

The group also plans to partner with tourism authorities and airlines to boost the airport’s traffic and route network, and make it “Northern and Central Luzon’s gateway, connecting the region to the rest of the Philippines and the world.”

On Tuesday, JG Summit saw its shares dip by 0.37 percent or 25 centavos to P66.85 apiece while Filinvest added 30 centavos or 2.44 percent for a P12.60 close.

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