German firm reaffirms support for airport deal

Fraport AG, the German shareholder of the Philippine International Air Terminals Co. Inc. (PIATCO), builder and operator of the soon-to-open International Passenger Terminal 3 of the Ninoy Aquino International Airport (NAIA), recently maintained that it would continue to participate in the construction and management of the new terminal.

Fraport AG Frankfurt Airport Services Worldwide, in a recent statement released in Germany, said the company’s key role is to transfer its expertise and know-how to the multimillion-dollar project to ensure that the new terminal will meet international standards.

The company holds a direct 30-percent share in PIATCO, the consortium tasked to build and operate the new international passenger terminal for 25 years under a build-operate-transfer scheme.

Belying reports that the company holds more than the 40 percent share allowed by the Constitution, Fraport AG said it recognizes that under Philippine laws, foreign investors are not allowed to hold larger shares in any single company.