An Indian firm is planning to invest in the Philippines, particularly in airports, roads, and energy projects, as the Marcos administration digs into infrastructure development through the "Build Better More" program.
In a statement, Presidential Communications Office (PCO) said India's GMR program mentioned their investment plan in the country during President Ferdinand "Bongbong" Marcos Jr.'s courtesy call at the Marriot Hotel in Singapore on the sidelines of his attendance at the 2023 Asian Summit.
GMR's top executives introduced themselves to Marcos.
"The group started in 1978 by Mr. GM Rao, my father-in-law, and his father. And they have commendable businesses. In 1994, we went into highways. In 1999, when India privatized [the] airports, we build airport, six airports in India," said Srinivas Bommidala, the chairman of GMR Airports who is incharge of the group's international airports and energy.
President Marcos, on the other hand, acknowledged GMR's achievements, as he hopes that the firm will help the country when it comes to the development of airports, roads, and energy infrastructure.
"Definitely we need to improve the capacity that serves Manila. Sangley, the one of Ramon Ang. Anything you build it will get full. I don’t worry, all my experience in major infrastructure, you think its overcapacity, three years later you’ll building some more," Marcos said of the Philippine airports.
"And we want that especially when it comes to travel, tourism, business travel, etc. We want it to increase as much as possible. I’m glad that you are looking at the Philippines," he added.
Marcos explained to the top officials of GMR that the administration's push to construct infrastructure is a component of its economic plan to promote development.
The President likewise expressed hope that GMR might use all of its knowledge and experience in the Philippines' involvement in numerous large-scale initiatives.
"We’ve been trying, the reason, we go to this process, is that it is a major part of our economic program. Well of course Manila is the gateway, even regional airports we are starting to develop, so that not everyone have to get to Sangley or Bulacan," Marcos said.
"Improve those airports, improve those facilities, roads, and communication. Then they can go directly there," he added.
Meanwhile, Cavitex Holdings CEO Leodonis Virata said GMR sees Sangley Airport’s potential in resolving airport congestion issues in the Philippines.
Cavitex Holdings is GMR’s local partner.
Virata said that the plan is to start Sangley construction next year, and the consortium is just awaiting government clearances before commencing groundwork.
The CEO noted that the consortium will start construction next year and will try to finish the runway in the next five years.
GMR is also one of the five potential bidders who purchased bid documents as of September 13 for the P170.6 billion NAIA Public-Private Partnership (PPP) project.
The Indian company ran the Mactan and Clark airports for 11 years.
Other attendees during the call were GMR Group Chairman Kiran Kumar Grandhi, Financial Advisor to the Sangley Consortium for International Investment in the Philippines, Liu Chee Ming, Speaker Martin Romualdez, and Secretary Frederick Go.
