MANILA -- The Aboitiz Group has secured approval from the NEDA Board to push through with its unsolicited proposal to operate and maintain the Bohol Panglao International Airport, the Department of Transportation said Wednesday.
The P3.8-billion project includes the enhancement of existing facilities in its first phase from 2020 to 2021 and reconfiguration based on traffic demand in the second phase from 2026 to 2027, the DOTr said in a statement.
"It is our hope that this new airport will help propel development in Bohol and the rest of the Visayas," said Transportation Secretary Arthur Tugade.
The National Economic Development Authority Board, chaired by President Rodrigo Duterte, approved the proposal last Nov. 29, the DOTr said.
It secured prior approval from the NEDA Investment Coordination Committee-Cabinet Committee last Nov. 6 for a concession period of 25 years.
The Aboitiz proposal will be subjected to a Swiss challenge wherein other firms may challenge the bid, with the proponent allowed to match the best counter-offer.
The Aboitiz Group will serve as the concessionaire, through its infrastructure arm, Aboitiz InfraCapital Inc.