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Philippine conglomerates pitch $1.8bn upgrade for Manila airport

Backed by a U.S. fund, companies revive bid to take over busy hub

A passengers arrives at the Ninoy Aquino International Airport in the Philippines.   © Reuters

MANILA -- Six Philippine conglomerates and a U.S. fund have made a joint proposal to the government for a 100 billion Philippine pesos ($1.8 billion) project to upgrade and run the Manila airport, the group said on Thursday.

The conglomerate-backed companies -- Aboitiz InfraCapital, AC Infrastructure Holdings, Asia's Emerging Dragon, Alliance Global-Infracorp Development, Filinvest Development and JG Summit Infrastructure Holdings -- and New York-based Global Infrastructure Partners have formed the Manila International Airport Consortium, it added.

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