The Subic Bay Metropolitan Authority (SBMA) has set Oct. 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), BusinessWorld reported.
According to a bid bulletin dated July 31 and posted on the Public-Private Partnership (PPP) Center’s website, the Swiss Challenge process allows qualified third parties to submit superior offers within the designated period. SBMA will evaluate the bids to determine if any proposal offers better terms than the original unsolicited proposal from Cerberus, which is backed by Cerberus Capital Management.
The rehabilitation of Subic Bay International Airport is seen as a key step in boosting the region’s logistics and trade capacity, given its strategic location near the Subic Bay Freeport and its history as a former US naval airfield. Industry observers note that modernizing the airport could support tourism, cargo operations, and economic growth in Central Luzon. Interested parties have until Oct. 29 to submit their competing bids, after which SBMA will proceed with the evaluation and award process.