Prez Duterte to inaugurate Terminal 2 at Philippines Airport

Philippines President Rodrigo Duterte will tomorrow inaugurate the second terminal of Mactan Cebu International Airport, being managed by GMR-Megawide consortium, a senior official of the GMR Group said.

"Terminal 2 of Mactan Cebu International Airport (MCIA) will be inaugurated on June 7 and be operational from July 1 2018, as per the concession agreement. Philippines President Rodrigo Duterte will inaugurate it.The design is envisioned to display the warmth and friendliness of the local culture and people of Cebu," the official told PTI in an e-mail response.

GMR-Megawide Cebu Airport Corporation (GMCAC) commenced construction of the new Terminal 2 in June 2015 with an aim to increase passenger handling capacity with the next phase of expansion expected in 2024.

The company took over the management of MCIA on November 1, 2014. The concession agreement will last for 25 years.

"The passenger handling capacity will go up to 12.5 million passengers annually," the official said, adding the airport currently serves 10 million passengers annually.

Between the inauguration and the official opening, the Terminal 2 will be open for test runs and clean-ups and also for the public and guests to visit.

GMR-Megawide consortium has so far invested USD 600 million in development of the airport. The 65,500-square meter terminal is designed by Hong Kong-based Integrated Design Associates (IDA) together with local designers Budji Layug, Royal Pinda, and Cebu's Kenneth Cobonpue.

The Indian infra major recently said revenue from MCIA grew by 23 per cent in the last fiscal to Rs 315 crore from Rs 257 crore with growth of 33 per cent in non-aero revenue,while profit increased by 24 per cent for the year to Rs 158 crore from Rs 128 crore in FY17.

In December 2013, GMR Infrastructure, in partnership with Megawide Construction Corporation of the Philippines, emerged as the highest bidder after offering a bid premium of 14.4 billion Pesos or around USD 320 million.