San Miguel Corp gets NEDA approval for airport project

TOUCHDOWN BULACAN? The National Economic and Development Authority’s Investment Coordination Council (NEDA-ICC) has approved the proposal of San Miguel Corporation (SMC) to build an international airport in Bulacan.

The 1,168-hectare airport tagged at P700 billion, is one of the nine projects amounting to a combined cost of P900 billion approved by the NEDA-ICC.

SMC president Ramon Ang confirmed the approval but also emphasized that it was only at “NEDA level”. SMC’s project is now up for President Rodrigo Duterte’s approval.

Meanwhile, NEDA Undersecretary Rolando Tungpalan said that SMC’s project was unsolicited, so it would be subject to a Swiss challenge. This means that the government will be inviting private groups to make competing offers for the project while giving the o5riginal proponent the right to match them.

“Apart from the reasonable rate of return, it’s important to bear in mind that there are minimum performance standards and specifications and key performance indicators that have to go with it,” Tungpalan added.

Besides the Bulacan airport, SMC’s project list includes a joint venture with the NDC (National Development Co.) for an agro-industrial complex in Davao.

via Philippine Star / Catherine Talavera