YUCHENGCO-LED House of Investments, Inc. said the Philippine Competition Commission (PCC) has approved its joint venture for the Sangley Point International Airport (SPIA) project.
“We received the PCC Resolution today, which clears the transaction between the Provincial Government of Cavite and the consortium created by Cavitex Holdings, Inc. and House of Investments, Inc.,” the company told the stock exchange.
In March of last year, the company notified the Securities and Exchange Commission that it had formally sought approval from the PCC for the proposed joint venture for the project.
The group hopes to develop the airport into an international hub that will meet future demand.
In February 2023, the SPIA consortium and the Cavite provincial government signed the joint venture and development agreement for the project’s implementation.
House of Investments, along with other Philippine members of the consortium, including MacroAsia Corp., signed the development agreement with the Cavite provincial government.
Samsung C&T Corp., Munich Airport International GmbH, and Ove Arup & Partners Hong Kong Ltd. are also involved in the project. Samsung C&T is the construction arm of South Korean tech giant Samsung.
The Cavite provincial government awarded the $11-billion project to the consortium in 2022.
By 2028, the consortium expects to complete the first phase of the project, which includes the first of the airport’s four runways.
The second phase will include a two-runway system with facilities capable of handling at least 75 million passengers annually.
The National Government currently operates Cavite City’s Sangley Point as a supplemental runway to the Ninoy Aquino International Airport. — Ashley Erika O. Jose
