March 9, 2018 / 4:10 AM / a year ago

Philippines' Chelsea Logistics offers to upgrade two airports for $1.3 billion

MANILA (Reuters) - Philippine passenger and cargo shipper Chelsea Logistics Holdings Corp (CLC.PS) has offered to upgrade two of the country’s airports, including one in President Rodrigo Duterte’s hometown of Davao City, at the cost of 67 billion pesos ($1.29 billion).

An unsolicited offer has been submitted to upgrade, operate and maintain Davao and Bohol international airports without government subsidy for a 30-year concession period, the company said on Friday.

The Department of Transportation is evaluating the proposal, Chelsea Logistics said in a statement.

The Bohol airport in central Philippines is one of the four local gateways that conglomerate Aboitiz Equity Ventures Inc (AEV.PS) also plans to upgrade, expand, operate and maintain under a separate 148-billion-peso proposal.

Duterte’s government is keen to overhaul outdated infrastructure to boost economic growth and spur development in the countryside, but some projects may be undertaken in partnership with the private sector.

Reporting by Enrico dela Cruz, Editing by Sherry Jacob-Phillips

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