JG Summit to submit transport project proposals

MANILA, Philippines — JG Summit Holdings Inc. is looking to submit an unsolicited transport project proposal to the government.

“We’re working on some plan,” JG Summit president and chief operating officer Lance Gokongwei told reporters when asked if the firm is planning to submit an unsolicited proposal.

He said the firm is interested in implementing transport-related projects and in opportunities related to airports.

“We’ll disclose it at the right time,” Gokongwei said.

JG Summit has recently formed a company for its infrastructure investments.

Last month, the Securities and Exchange Commission approved the incorporation of JG Summit’s wholly-owned subsidiary JG Summit Infrastructure Holdings Corp.

Earlier, JG Summit partnered with Filinvest Development Corp. to submit an unsolicited proposal to develop the Clark International Airport.

Under the P187 billion proposal, the firms would undertake the development of the airport for a period of 50 years to augment its capacity and be able to accommodate up to 36 million passengers per year.

However, the government has rejected the proposal as it has decided to undertake the upgrade of the Clark Airport.

JG Summit is one of the largest conglomerates in the country.

It is primarily engaged in air transportation through budget carrier Cebu Pacific, real estate and hotels through Robinsons Land Corp., lending through Robinsons Bank Corp., food through Universal Robina Corp., and petrochemicals through JG Summit Petrochemical Corp.

It is also involved in power through its investments in Manila Electric Co. and Global Business Power Corp., and in telecommunications through its stake in PLDT Inc.