European company to build US$50 million aircraft hangar at Clark
The unnamed investor plans to take 40 hectares and bring in a local partner, with the project covered by a 25-year lease with BCDA.
An investment of about US$50 million by a European company will fund an aircraft maintenance, repair and overhaul hangar at Clark International Airport, the Bases Conversion and Development Authority (BCDA) said on November 3.
Speaking to reporters, BCDA president and CEO Joshua Bingcang said the investor intended to take 40 hectares to build the facility and hangar. He declined to name the company.
Bingcang said financing and partnership terms had already been discussed. The company is bringing a local partner into the venture, and construction will proceed under a lease running for 25 years with BCDA.
Other international companies have also established operations at the airport. UPS has opened a new hub costing US$80 million, while FedEx held a groundbreaking in May for the expansion of its Clark gateway facility.
