San Miguel intends to build P735-B Bulacan airport project on its own
Ramon Ang, the president and chief operating officer of San Miguel Corp., is confident that the conglomerate has enough resources to cover the cost of building its proposed Bulacan International Airport at an estimated P735.634 billion.
“If you look at our balance sheet and cash flow, we can easily do that airport alone,” Ang told reporters on the sidelines of the 51st Asian Development Bank Annual Board of Governors’ Meeting in Pasig City on Friday.
He was asked if the conglomerate is willing to take in other companies as partners in building the Bulacan International Airport.
“The financing for the construction of the airport, if and when we have it, San Miguel has the balance sheet to do that,” Ang noted.
On April 26, the National Economic and Development Authority (NEDA) Board—chaired by President Rodrigo Duterte—approved San Miguel’s unsolicited proposal.
The project covers the construction, operation, and maintenance of the airport in a 2,500-hectare property in Bulakan, Bulacan.
Its development will include a passenger terminal building with airside and landside facilities, and an airport toll road.
The project will undergo a Swiss Challenge for other companies to compete against the San Miguel’s proposal. As the original project proponent, SMC has the right to match any offer by its competitors.
Ang said offering a solution to address airport congestion is the company’s top priority, no so much the return on investments.
“We are very confident that this airport will be good for our country and the return of investments is secondary to us,” he said.
“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 noted.
He said airport congestion is hampering more foreign tourist arrivals. “Now, if we have a good airport, the Philippines will have a good image and will be able to bring in foreign tourists comparable to the regional countries.”
"Malaysia is 20 million foreign tourist arrivals and we are a bigger country with a bigger population. If we bring in 20 million foreign tourists to our country because of this airport, it will create at least two or three jobs per foreign tourist arrival and that will be very good for our country,” Ang said. —VDS, GMA News