The seven-company consortium, which earlier proposed a 350 billion-Philippine-peso regeneration of the Ninoy Aquino International Airport in Manila, submitted a revised proposal that reduces the redevelopment cost to 106 billion pesos, The Philippine Star reported, citing the country's Department of Transportation.
The consortium comprises Filinvest Development Corp., Alliance Global Group Inc., JG Summit Holdings Inc., Metro Pacific Investments Corp., Aboitiz InfraCapital Inc., AC Infrastructure Holdings Corp. and Asia's Emerging Dragon Corp.
In their new plan, the companies scaled down the concession period to 15 years from 35 years for the transportation department, which said the first concession period was too long.
The transport authority expects to come to a conclusion over the consortium's revised proposal within May and forward it to the National Economic and Development Authority. It will also be viewing the US$3 billion three-phase redevelopment proposal by India's GMR Infrastructure Ltd. and Megawide Construction Corp. later, which carries an 18-year concession period, the May 23 report added.
As of May 23, US$1 was equivalent to 52.49 Philippine pesos.
