- The SMC said it has enough money to build the airport in Bulacan all by themselves
- The ambitious project will cost around $15-billion
- SMC’s Ramon Ang also said the project will help solve airport congestion in Metro Manila
MANILA, Philippines – San Miguel Corporation (SMC), one of the country’s largest food and beverage conglomerates, has enough money to construct the government-backed ‘mega-airport’ in Bulacan on its own; this was according to the company’s chief operating officer Ramon S. Ang (RSA).
Speaking to reporters at the sidelines of the 51st Asian Development Bank Annual Board of Governors’ Meeting on Friday, Ang said if one has to look at SMC’s balance sheet and cash flow, it would be easy to say they can do the airport alone.
As for the possibility of taking in other companies as partners in the proposed project, Ang said: “The financing for the construction of the airport, if and when we have it, San Miguel has the balance sheet to do that.”
The SMC COO also noted the project, which cost around $15-B (P775-B) and includes the construction of a passenger terminal building with airside and landside facilities and an airport toll road, will address the airport congestion plaguing Metro Manila.
“We are confident that that airport would be good to our country and will bring in at least 20 million foreign tourists to our country. So, with that, I think it will create millions of jobs for our … countrymen,” Ang added.
The SMC is the proponent of ambitious project which also covers operation and maintenance of the airport eyed to be built on a 2,500 hectare property in Bulakan, Bulacan. It was approved by the National Economic Development Authority (NEDA) board but has to meet the Investment Coordination Committee’s “recommended reasonable rate of return and other parameters for negotiation.”
The project will undergo the Swiss challenge, but SMC, being the original proponent, has the right to match any offers from their potential competitors.