Philco Aero, which used to be a privately held Filipino-Korean consortium, is the original proponent of the DMIA T2 project. Its unsolicited proposal for this multimillion-dollar venture was accepted by the CIAC board on May 17, 2010.
SMC has put up a holding company, which recently acquired 70 percent of Philco Aero, to conclude a transaction that began early last year.
Penson and Company Inc., SMC’s partner in the venture, will own 30 percent of the holding company.
After a meeting with SMC officials on Wednesday, Philco Aero president and CEO Ricardo L. Penson disclosed that SMC was keen on advancing the long-delayed negotiations with CIAC for the T2 project as “the delay is causing undue inconvenience to the public in general and to the public-private partnership efforts of the Aquino administration in particular.”