The Philippine Competition Commission (PCC) has approved a joint venture between the Cavite provincial government and SPIA Development Consortium for an $12 billion airport project, clearing a major hurdle for the development.

House of Investments, Inc., a consortium member, disclosed Monday that it received the commission’s resolution. The approval comes after the consortium filed a notification in March to comply with the Philippine Competition Act.

The SPIA Development Consortium, which includes Cavitex Holdings Inc., Samsung C&T Corp., MacroAsia Corp., Munich Airport International GmbH, and Ove Arup & Partners Hongkong Ltd., signed a joint venture agreement with the Cavite government on Feb. 6 for the Sangley Point International Airport project.

The consortium was awarded the contract in September 2022 after no other firms challenged its unsolicited proposal during a competitive bidding process.

Plans for the airport include two runways with an annual capacity of 80 million passengers, expandable to four runways accommodating up to 130 million passengers yearly. The project aims to alleviate congestion at Ninoy Aquino International Airport and meet projected air travel demand over the next 30-40 years.

The development includes a four-kilometer connector road with provisions for rail connectivity and integrated logistics facilities. The consortium states the project is expected to create 50,000 jobs and attract foreign investment.

Initial construction will focus on a single runway to serve as a satellite for NAIA, addressing immediate congestion issues.

The approval marks a significant step forward for the long-planned airport project, which has faced multiple setbacks and failed bidding rounds in recent years.