The Subic Bay Metropolitan Authority (SBMA) has set October 29 as the deadline for competing bids under the Swiss Challenge for Cerberus Asia Pacific Investments, LLC's P7-billion unsolicited proposal to rehabilitate, operate, and expand Subic Bay International Airport (SBIA).
In a bid bulletin dated July 31, SBMA invited interested parties to submit comparative proposals for the 25-year operate-rehabilitate-add-transfer concession. The bid opening is also scheduled on October 29, according to the instructions to bidders.
SBMA said the final draft public-private partnership (PPP) agreement and final bid bulletin will be issued on September 29. One-on-one meetings with prospective challengers are scheduled from September 16 to 18. Interested challengers may obtain the tender documents and instructions to bidders upon payment of a P1.4-million participation fee.
Under the Swiss Challenge process, competing proponents are invited to submit comparative proposals against an unsolicited proposal. The original proponent is then given the opportunity to match or improve the best competing offer. Challengers must have undertaken projects involving overall responsibility for design, engineering, and construction.
Prospective challengers must also have a minimum net worth of P2.80 billion, or its foreign currency equivalent, as of the end of fiscal year 2025. They must own at least P22 billion in assets at the time of bid submission.
Cerberus Capital Management manages approximately $65 billion in assets globally. Its affiliate, Cerberus Asia Pacific Investments, focuses on investments in logistics, infrastructure, technology, and energy. The company operates part of the 310-hectare former Hanjin shipyard west of the airport, for which it submitted the unsolicited proposal.
The proposal covers the rehabilitation of existing airport facilities and the development of new infrastructure to expand capacity and attract additional tenants. Cerberus also committed to invest "considerable financial resources" and use its real estate management capabilities to develop the airport.
Under its proposal, the company said it would maintain existing leases during the early years of the concession. SBMA currently operates SBIA, which serves as an alternate airport to Ninoy Aquino International Airport and handles cargo, corporate, and general aviation traffic.
