As far as the Ilonggo solon is concerned, the issue is not the Cheng Yong Group or high terminal fees or even the besieged prospect of a take over by government or a buy-out by another private entity of the controversial project.
"The issue here is that government has entered into an onerous contract with the Philippine International Air Terminals Co. or Piatco (formerly PairCargo Consortium), a contract which can only be described as yet another PPA, this time for airport services," Syjuco said.
According to Syjuco, the most unconscionable features of the Piatco deal are: 1) Piatco pledged capital infusion of some P300 million annually but had until May this year, actually paid government a measly sum of P1 million; 2) under the agreement, Piatco can mortgage government property to borrow money for the project; 3) when Piatco closes shop for one reason or other, including if and when Piatco itself was found in breach of contract and government took over the facility, the poor Filipino taxpayer would be left to pay for all of Piatco debts–from business loans to toilet paper–even at amounts far more costly than if the government itself had constructed NAIA 3; and 4) Piatco had hoodwinked government into awarding it more money for hauling subterranean structures and for building related road projects. Even worse, Syjuco said, Piatco obtained the right to implement these projects without benefit of public bidding!
"The first order of the day," the Ilonggo solon said, "is to review the Piatco contract. Not much can be accomplished if we in government start fixing the blame. We must fix the problem and fix it right away lest we send the wrong signals to the international business community."
It may be recalled that sometime in mid-May this year, Syjuco teamed up with House Good Government vice chairman Salacnib Baterina (1st District, Ilocos Sur) and Palawan Congressman Abraham Khalil Mitra to temporarily stop moves in the House to uphold the soundness and validity of the Piatco contract.
"We are greateful that President Gloria Macapagal Arroyo made a clear announcement just in time favoring a thorough review of the Piatco franchise," Syjuco said.
"After all," Syjuco said, "there is no other way to say it. The NAIA 3 agreement is a virtual license for Piatco to steal from government; and after stealing, to let government pay awesome debts Piatco leaves behind; and finally to let government reward Piatco for stealing our people’s money in the first place."
Syjuco declared that what we have on our hands is not a B-O-T (build-operate-transfer) project, but a B-O-A (build-operate-abscond) scheme or a predatory constrictor that will end up strangling our helpless people.