Government committee recommends amendments to concession agreement for unsolicited airport project
The Investment Coordination Committee (ICC) and Cabinet Committee (CabCom) of the Philippines have recommended changes to the draft concession agreement submitted by San Miguel Corporation (SMC) for the development of a new international airport in Bulakan, Bulacan.
According to sources, the ICC-CabCom wanted to revise a certain provision in the draft agreement particularly the "guaranteed terminal fee increases" and certain "adverse government actions".
The government body will try to amend the concession agreement with the private sector before the year ends. After the amendments are made, the concession agreement will be reviewed by the National Economic and Development Authority (NEDA) Board, which is chaired by the President.
SMC's proposal for the airport includes a design capacity of 100 million passengers per year. The company initially proposed investing PHP800 billion (US$15.28 billion) in the project.
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