Skip to content

Philippines Today

home of the Global Filipino

Menu
  • News Stories
  • Regional News
  • Business & Economy
  • Science & Technology
  • International
Menu

Megawide-led consortium amends loan deal with banks for Cebu airport project with ADB participation

Posted on January 28, 2015

By Leslie D. Venzon

MANILA, Jan. 28 (PNA) — The joint venture of Megawide Construction Corp. and India-based GMR Infrastructure has amended the omnibus loan and security agreement (OLSA) with a consortium of Philippine banks, to integrate the participation of the Asian Development Bank (ADB) in the financing of the Mactan Cebu International Airport (MCIA).

MCIA is the first large scale public-private partnership (PPP) project awarded by the government.

“This is an important milestone in our PPP journey; our commitment to meeting global standards is affirmed by the support of a global institution like ADB,” said Manuel Louie B. Ferrer, GMR-Megawide Cebu Airport Corp. president, in a statement to the Philippine Stock Exchange.

ADB, an international multilateral lending institution, has approved a USD75-million loan for the expansion and renovation of the Mactan airport project.

Its participation in the financing of MCIA signifies the extreme importance of the country’s first airport PPP project to the total development and progress of the country.

The other participating banks in the OLSA are BDO Unibank, Inc., Bank of the Philippine Islands, Land Bank of the Philippines, Metropolitan Bank & Trust Company, Philippine National Bank and Development Bank of the Philippines.

Ferrer believes that such investment in transport infrastructure is integral to the growth of the Philippines with more people travelling to the country annually.

GMCAC will be building a new, world class terminal while carrying out improvements on existing terminal structure.

“Improvement of MCIA infrastructure is necessary to further stimulate the domestic industry and enhance socioeconomic opportunities, and so both the Grantors and Concessionaires must ensure prompt completion of the project,” Ferrer added. (PNA)

Share this:

  • Facebook
  • Twitter
  • LinkedIn
  • Pinterest
  • More
  • Tumblr
  • Reddit

Related

News Categories

  • Announcement (34)
  • Business & Economy (1,567)
  • Comment and Opinion (74)
    • Random Thoughts (18)
  • Current Issues (425)
    • Charter Change (1)
    • Election (228)
    • Population (6)
  • International (389)
  • Life In Japan (66)
    • Everything Japan (41)
  • Literary (34)
  • Miscellaneous (610)
  • News Stories (5,312)
  • OFW Corner (297)
  • Others (75)
  • People (408)
  • Press Releases (163)
  • Regional News (3,362)
  • Science and Technology (502)
  • Sports & Entertainment (287)

Latest News

  • BSP keeps policy rates anew December 17, 2015
  • NEDA cuts PHL additional rice import for 2016 by 25% December 17, 2015
  • DA cites serious implications of banning genetically modified products December 17, 2015
  • BBL is not yet dead – Drilon December 17, 2015
  • Comelec recognizes Duterte’s CoC for president December 17, 2015
  • NEDA chief sees 2015 growth at 6% despite typhoons December 17, 2015
  • House of Representatives ratifies bicam report on P3.002-T national budget for 2016 December 17, 2015
  • Cebu-based developer invests PHP430M to build 709 townhouse units in north Cebu town December 17, 2015
  • City gov’t eyes P75-M income from economic enterprise December 17, 2015
  • Baguio City LGU presents traffic plan for holiday season December 17, 2015

Archives

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Science and Technology

  • DOST-ICTO targets 500,000 web-based workers from countryside by 2016
  • (Feature) STARBOOKS: A ‘makeover’ for librarians
  • Science, research reduce ‘cocolisap’ hotspot areas in PHL
  • Montejo to further improve PAGASA and empower scientists
  • 1st PPP in biomedical research produces knee replacement system fit for Asians

Press Releases

  • Microsoft to buy Nokia’s mobile devices business for 5.44-B euros
  • New World Bank climate change report should spur SEA and world leaders into action: Greenpeace
  • Save the Philippine Seas before it’s too late — Greenpeace
  • Palanca Awards’ last call for entries
  • Philippines joins the global call for Arctic protection

Comment and Opinion

  • Remembering the dead is a celebration of life
  • Killer earthquake unlikely to hit Panay Island in near future – analyst
  • It’s not just more fun to invest in the Philippines, it is also profitable, says President Aquino
  • How does one differentiate a tamaraw from a carabao?
  • Fun is not just about the place, it is also about the people, says DOT chief

OFW Corner

  • Ebola infection risk low in Croatia
  • Death toll rises to 41, over 100 still missing in landslide in India
  • Asbestos use in construction a labor hazard
  • 500,000 OFWs to benefit POEA on-line transactions — Baldoz
  • 25 distressed OFWs return home from Riyadh
©2025 Philippines Today | Design: Newspaperly WordPress Theme