For the modernization of the Ninoy Aquimo International Airport, state pension fund Social Security System (SSS) and construction firm Megawide plan to form a consortium to submit an unsolicited proposal. Seven of the country’s business giants also formed a so-called “super-consortium” to upgrade the international gateway.
According to SSS Chairman Amada Valdez, the pension fund invests in infrastructure projects as it aims to boost its recurring income and help augment its revenues amid implementation of pension hikes.
“This will be [a] ‘win-win’ situation considering that Megawide is proven particularly in airport operation. It has improved and made the Cebu International Airport very efficient,” Valdez told ANC Business Nightly.
The SSS risk committee will still take a look on the participation of the SSS in this team up. “It is allowed and it is not prohibited, there are just some safety nets which we have to consider. That’s why initially, even at the outset, many months back, we have been telling the people we have to do this shift in investment in order to ensure the viability of the fund,” he said.