The Philippine Department of Transportation and Communications (DOTC) and the consortium formed by India's GMR Infrastructure and local contractor Megawide Construction Corporation signed on 22 April 2014 the contract of the Mactan-Cebu International Airport terminal project.

Although seven groups had submitted bids for the project, in December 2013, the consortium led by GMR and Megawide submitted the lowest bid for the US$400 million airport terminal tender by offering a concession premium to the Government of 14.4 billion peso (US$328.2 million).

In February 2014, eight congressmen from Cebu filed a bill arguing a potential conflict of interest and questionable financial capacity and other possible violations on qualification requirements of the project preferred bidder.

Srinivas Bommidala of GMR stated:

We played according to the rules of the game. We firmly believe that Cebu province will see a positive economic impact from the modernization of the Cebu airport. I would like to assure you, and the people of Cebu and the stakeholders concerned that the consortium of GMR and Megawide is fully equipped complete this prestigious project.

The project included the construction of a new passenger terminal with an annual capacity of 8 million, the rehabilitation of the old terminal, and the operation of the whole airport facility for 25 years. Megawide and GMR aim to build an airport terminal that can accommodate 25 million passengers a year, more than three times the government requirement. Construction of the airport is expected to start on January 2015