The consortium of Megawide and India-based GMR has bagged the project for the Mactan Cebu International Airport expansion. The consortium has signed a concession agreement with DOTC and the Mactan Cebu International Airport Authority for an upfront payment of $320 million. The GMR–Megawide consortium was the highest bidder in the international bidding process that took place in December 2013. DOTC presented the consortium with the letter of award on April 4, 2014. Most of the premium of $320 million was raised from a leading bank in the Philippines.
