Phil Star - Iris Gonzales

The development of the $11-billion Sangley Point International Airport (SPIA) has moved a step closer to reality now that its private sector proponents have finally signed the development agreement with the local government of Cavite.

In a disclosure yesterday, the Yuchengco Group’s House of Investments said that, together with the other consortium members for the SPIA, it had signed the joint venture and development agreement with the provincial government of Cavite.

The SPIA Development Consortium, which received the notice of award from the Cavite government last September, consists of the Yuchengco Group, Cavitex Holdings Inc. and Lucio Tan-owned MacroAsia Corp. along with foreign partners.

Sangley Point International Airport is envisioned as a two-runway airport with a capacity for 75 million passengers per year, expandable to four runways to handle up to 130 million passengers per annum, according to the consortium’s proposal.

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