Mactan-Cebu International Airport

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The Mactan-Cebu International Airport worth of US$750 million (PHP33 billion) would entail the construction of a new passenger terminal building in the Mactan-Cebu International Airport in Lapu-Lapu City, Cebu, the Philippines. This greenfield BOT project would include the work of renovating the existing passenger terminal and building a new international terminal. The construction began in Jun 2015 and the the project was expected be commercially operational in 2018. Once operational, the airport would be upgraded to handle 25 million passengers per year, up from the current 6.7 million. It was the biggest PPP project for airport in the Philippines. On 12 December 2013, GMR Infrastructure and Megawide Construction Corp won the airport terminal tender through GMR-Megawide Cebu Airport Corporation (GMCAC) or their consortium, where GMR held 40% and Megawide 60% of the stake. The total number of bidders was seven that participated in the tender. GMR-Megawide Cebu Airport Corporation (GMCAC) won ahead of six others offering a premium of PHP14.4 billion (US$327.3 million) for the 25-year concession. GMCAC had to post a PHP180 million (US$4 million) bond and pay the premium for the concession as a winning bidder before signing it. Financing was provided by US$75 million loan from Asia Development Bank (ADB) and US$450 million (PHP20 billion) debt from a six-bank-consortium consisting of BDO Unibank, Bank of the Philippine Islands, Philippine National Bank, Land Bank of the Philippines, Metropolitan Bank & Trust Company and Development Bank of the Philippines in January 2015. Capacity size of the project is 18.3 million increase to the current 6.7 million, in terms of number of passengers to be served with new and upgraded facility. Government Funding=State-owned Development Bank=Development Bank of the Philippines