Megawide Construction Corporation on Tuesday, January 26, said the government has formally rejected its appeal to rehabilitate the Ninoy Aquino International Airport (NAIA).

In a disclosure to the local bourse, Megawide said it received the official notice from the Manila International Airport Authority (MIAA) on Monday, January 25.

“The consortium was formally informed of the said denial through a letter from the corporate secretary of MIAA Board of Directors dated 25 January 2021,” Megawide said.

“While we believe that we have met all the requirements of the government to undertake the rehabilitation of NAIA, we respect their decision on this matter, and we are ready to move on to other projects of equal significance.”

The firm wished future proponents “success,” adding that it hopes for the full rehabilitation of the Philippines’ main gateway.

With Megawide officially out, the NAIA rehabilitation is stalled yet again.

The MIAA Board earlier revoked the original proponent status issued to Megawide and its Indian partner GMR Infrastructure Limited in December 2020 over insufficient equity.

The MIAA Board, according to General Manager Ed Monreal in a Senate hearing, based its decision on the November 2020 letter of the National Economic and Development Authority Board’s Investment Coordination Committee-Cabinet Committee saying that Megawide’s P18-billion equity alone would not be enough for the P32-billion requirement.

Megawide later maintained that the requirements were met with GMR in the picture.

Currently, two other firms are interested in the NAIA project – San Miguel Corporation (SMC) and Philippine Airport Ground Support Solutions. SMC, however, is only interested in operating NAIA given the construction of the New Manila International Airport in Bulacan. – Rappler.com