Tycoons team up for Manila airport upgrade

Expansion plan: Passengers at Ninoy Aquino International Airport in Manila. Seven Philippine conglomerates have submitted a proposal to modernise and expand the capital’s 70-year-old airport in a plan that will potentially triple capacity and help ease congestion. — Reuters

MANILA: Seven Philippine conglomerates, including those led by billionaires John Gokongwei and Lucio Tan, submitted a proposal to modernise and expand the capital’s 70-year-old airport in a plan that will potentially triple capacity and help ease congestion.

Ventures of Aboitiz Equity Ventures Inc, Ayala Corp, LT Group Inc along with Alliance Global Group Inc, Filinvest Development Corp, JG Summit Holdings Inc and Metro Pacific Investments Corp filed the unsolicited proposal Feb 12 to the Department of Transportation, according to a joint statement.