Hinihiling na ipagbawal Macro Asia must prove capability to fund Sangley airport projectIbahagi Facebook MANILA

Philippines Lucio Tans Macro Asia Corp. has to prove to the Cavite government that it still has the financial muscle to fund the first phase of the massive Sangley Point International Airport SPIA project before it can proceed with the development together with its Chinese partner.Cavite Gov. Jonvic Remulla said they are assessing the financial capacity of Macro Asia amid the impact of the pandemic on businesses. We are still evaluating the financial capacity of Macro Asia considering the economic climate everyone is facing

Remulla told The STAR.Based on its latest financial statement

Macro Asia has felt the impact of the pandemic on the aviation industry as it incurred a net loss of P856.7 million in the nine months ending September last year

a reversal of the P932.7 million net income recorded in the same period in 2019.Macro Asia said the management teams of its aviation services companies have instituted cash conservation and costcontrol measures to cope with the ensuing crisis and business downturn.The firm has expertise in developing and operating key operating functions in an airport as part of the Lucio Tan conglomerate and as an affiliate of flag carrier Philippine Airlines.Macro Asia president and chief operating officer Joseph Chua earlier said the company may bring in other members of the Lucio Tan empire onboard the airport project to provide additional financial muscle.The first phase of the SPIA project was awarded by the provincial government of Cavite in February last year to the team of Macro Asia and stateowned China Communications Construction Co. Ltd. CCCC.Macro Asia has a 40 percent stake in the consortium

while CCCC holds the remaining 60 percent.The consortium submitted in December 2019 the sole bid for the project

which will be implemented as a local government publicprivate partnership joint venture by the provincial government of Cavite.Phase one of the project amounting to 4 billion involves the development of an interim first runway with an annual design capacity for 25 million passengers and the new Sangley connector road and bridge.The consortium has been completing the qualification documents for the award

but the COVID19 pandemic has delayed its processes

including the completion of joint venture documents prior to any signing of legal or financial contracts.Following a series of extensions given by the Cavite government for its post qualification requirements submission

the consortium was able to submit in late November main documents such as their consortium agreement.Jesse Grepo

legal officer of the Cavite governments publicprivate partnership selection committee

told The STAR that there is currently no concrete timeline as to when the ongoing evaluation will be completed.Review is being conducted thoroughly. The documents are voluminous and tedious. These things take time

Grepo said.Presidential spokesman Harry Roque said last year the airport project would continue despite the blacklisting by the US of CCCC subsidiaries for their involvement in reclamation activities in disputed waters in the West Philippine Sea.masteragcaoili79Bilang ng mga tumitingin