China Communications Construction Corporation (CCTC), which was awarded the Kamiji Provincial Airport bid in 2019 for a total of $10 billion, has now decided to cancel the cooperation between the two sides because they believe the investor is not sincere enough to fully commit to the project.
The Kemeti Airport project is the largest Chinese-funded investment project in the Philippines during the term of President Rodrigo Duterte (left).
Reuters reports that China Communications Construction and Philippine company MacroAsia have joined forces to win the bid to build Sangley Point International Airport in 2019, the largest Chinese-funded investment since the pro-China President Rodrigo Duterte took office in 2016.
However, MacroAsia told the stock exchange on Wednesday local Time that the Sangley Point International Airport bid has been cancelled. Kemeti Governor Jonvic Remulla confirmed the matter, explaining to Reuters that there were three to four omissions in the documents submitted by the investors, “We see such a phenomenon as a symptom that they are not fully committed.”
China Communications Construction was blacklisted by the U.S. last August, accusing it of participating in the militarization of islands in the South China Sea. For his part, Remla clarified that the planned cooperation cancellation had nothing to do with the blacklisting. China Communications Construction has not yet responded; MacroAsia’s shares fell 19 percent at one point after the opening bell.
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