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Malaysian group reiterates interest on airport project

CLARK FREEPORT — Malaysia-based Bristeel Overseas Ventures Inc. (BOV) asserted that its proposal to infuse US$150 million in foreign direct investments for the development of the Diosdado Macapagal International Airport (DMIA) in this Freeport remains as the “most feasible and workable” offer.

This after the Philippine government has reportedly “seriously considered accepting a joint venture proposal” from a group of local companies.

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Malaysia-based Bristeel Overseas Ventures, Inc. (BOV) head William Chee said: “Take a second hard look at our US$ 150 million proposal, our track record and experience to finance and complete the project.”

Last week, Manny V. Pangilinan’s Metro Pacific Investments Corporation and San Miguel Corporation reportedly sealed a deal to jointly develop and pursue the Terminal 2 expansion at DMIA.

Chee, for his part, noted that the government-owned Clark International Airport Corporation (CIAC), which runs DMIA recently announced that it has “accepted for detailed negotiations” the proposal submitted by a local consortium identified as Philco Aero Inc., to expand the passenger terminal facilities through a joint venture project.

A source at CIAC, however, said that based on the provisions of 2008 Joint Venture Guidelines issued by the National Economic Development Authority (Neda), Philco Aero is allegedly far from securing the DMIA project.

The source disclosed that according to the guidelines, “an acceptance [for detailed negotiation] shall not bind the Government Entity to enter into the Joint Venture activity.”

The Sun.Star Pampanga source revealed that CIAC was reportedly unable to determine Philco Aero’s combined net worth after its members allegedly failed to submit the required financial documents.

Meanwhile, reports from CIAC showed that the combined net worth of BOV consortium totaled more than US$ 1.5 billion based on the audited financial statements submitted by its members.

“In fact, CIAC has officially informed us that once negotiations with Philco Aero fail, they would immediately start negotiation with us,” said Chee, adding “and if given the opportunity to clarify the terms and conditions of our proposal, we believe that CIAC would realize that our offer is more superior and complete in terms of technical designs and plans and our group’s overall capability to finance and construct the project.”

Chee added: “We are also willing to even enhance our offer of sources of revenues for CIAC, which we are confident we will be able to deliver because they are based on solid business projections backed-up by our group’s extensive network in international commerce.”

He said that the DMIA expansion project will be just the start of bigger Malaysian investments into the multi-billion dollar transportation and tourism infrastructures project in and around this Freeport.

“Our group has a vast experience and track record in successful construction of transportation hubs and high-end tourist estates not only in Malaysia but all around the world. We decided to make the DMIA project as the starting point as we believe it is critical to making Clark and the Philippines a viable investment destination,” he said.

He confirmed that their group has started to seriously study the construction of a high speed mass commuter rail system connecting DMIA and the Ninoy Aquino International Airport in Manila.

“We also want to develop within Clark a new metropolis development similar to Kuala Lumpur Sentral, which is city within a city built around Malaysia’s largest transmit hub,” Chee narrated, adding the consortium’s commitment to pursue this project remains firm and focused.

“We are hoping that the incoming administration will seriously reconsider our proposal as the best offer to fast track the development of DMIA,” Chee concluded. (Jovi T. De Leon)

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