"Following the receipt of payment, the Department of Transportation and Communications (DOTC), Republic of Philippines and Mactan Cebu International Airport Authority (MCIAA) on Tuesday signed the Concession Agreement with GMR Megawide Consortium, the release said.
The award of concession marks the beginning of a transition phase before the operations of Mactan Cebu International Airport are formally handed over to GMR-Megawide later in the year.
By making the upfront payment of $320 million within the stipulated time we have clearly demonstrated our credentials and capabilities to take up this prestigious project, said .M. Rao, Group Chairman, GMR Group said. ...We will focus our efforts in making MCIA into an efficient passenger-oriented and commercially sustainable airport that will make a significant contribution to the economy of Cebu, he added