Henry Sy's Belle Corp. has joined a group to build a new international airport, seaport, economic zone and mixed-use real estate development off the cost of Sangley Point in Cavite worth between $20 billion and $50 billion.

Last Saturday, Belle and Solar Group's All-Asia Resources and Reclamation Corp (ARRC) signed a shareholders agreement for the Philippine Global Gateway Project. China Communications Construction Co. is also part of the consortium.

"This project started in 2012 when ARRC was established by shareholders with a vision to build a world-class airport facility that can accommodate passenger traffic well into the year 2050 and the first integrated sea port that is accessible to the inhabitants and business enterprises located in the Greater Manila area," Wilson Tieng, president of ARRC said.

Tieng's ARCC would be competing with San Miguel Corp., which earlier bid to build a new international airport at a reclaimed area along the Manila-CaviteCoastal Road for $10 billion.

Tieng said passengers will get efficient and transportation connectivity for private and public vehicles and rail system.

ARRC plans to reclaim 2,500 hectares at Sangley Point in Cavite.

The company expects to complete reclamation in 12 months, said Tieng.

Tieng said the new airport has a capacity of 50 million passengers and expected to be finished in five years.

"It has been submitted to Neda and during the Cabinet Meeting it was verbally approved by President Duterte," Tieng said.

Tieng said the project could reach about $50 billion because it has airport, seaport, economic zone and real estate components.

"Probably we can say that we are looking at $50 billion for the whole project. Its big, it involves airport, seaport and ecozone," Tieng said.

Willy Ocier, vice chairman and executive director of Belle Corp., said the project is very timely considering air and land traffic congestion.

"This project will also provide the platform for increased economic activity and the e fine of growth in the areas of tourism, trade and business," he said.

The proposed airport would have an international and domestic passenger handling capacity of 75 million passengers a year, with scalability to accommodate more than 100 million passengers.

It would be only 11 minutes away from the Makati central business district via a new airport expressway.

NAIA accommodated 36.68 million passengers in 2015, exceeding the 30 million yearly optimal capacity of the terminal. Its maximum handling capacity stands at 35 million passengers a year. DMS