San Miguel Corp. said it tapped Standard Chartered Bank and Sumitomo Mitsui Banking Corp. as co-financial advisors for the planned P735-billion New Manila International Airport project in Bulacan province.
“SMC has appointed SCB and SMBC as co-financial advisors as we continue to progress through the next stages of approvals and process,” San Miguel said in a statement over the weekend.
“They are both leading advisors in the infrastructure and airports sector and will be able to bring their expertise and experience to assist SMC throughout the process, with the ultimate goal of the successful delivery and closing of this landmark project for the Philippines,” the conglomerate said.
It said the partnership with major financial institutions would be a key step forward to making the New Manila International Airport a reality.
The project, which was approved by the National Economic and Development Authority chaired by President Rodrigo Duterte in April, involves the construction of a world-class, major international gateway with four to six parallel runways, modern terminals, a sea port and an industrial zone.
“It’s a great privilege and honor to partner with San Miguel Corp. on such a historic and game-changing project for the Philippines. We believe our experience in projects of this scale will be of great value to San Miguel, and, together with SMBC, we are ready and able to provide all the support they will need,” said Standard Chartered Bank.
“This project is of great importance to the Philippines and the Filipino people, and we are honored by the trust given to us by San Miguel Corporation,” said SMBC.
“SMBC’s task, together with SCB is to make sure that San Miguel has all the support required to get a project of this magnitude and scale, done. We look forward to providing our expertise to deliver on this goal,” it said.
San Miguel proposed to build the massive airport complex on a 2,500-hectare property in Bulakan, Bulacan―just 27 kilometers away from Ninoy Aquino International Airport, or 45 minutes from any point in Metro Manila via multiple expressways.
It said the new airport was expected to create one million jobs during the construction phase. The company said in a statement it would hire the best Filipino talents from here and abroad―especially from among the ranks of overseas Filipino workers.
“Once the airport project is given the green light to proceed with construction, we will tap our best workers from here and overseas,” San Miguel president and chief operating officer Ramon Ang said.
“It’s a massive undertaking. We will need Filipino talents in engineering, construction, hospitality and airport-related services. Hopefully, this will give many of our OFWs countrymen a reason to come home, be with their families, and at the same time help in building a better future for our nation,” he said.
International Chamber of Commerce of the Philippines founding chairman Francis Chua said that after carefully studying all airport proposals, the group believed that San Miguel’s proposal was the best for the Philippines.