SAN MIGUEL Corp. (SMC) said it may spend around P10 billion for the construction and operation of a proposed bus and food terminal on the site of the former Pandacan oil depot.

During a media roundtable on Tuesday, SMC President and Chief Operating Officer Ramon S. Ang said the amount covers the overall cost to develop the terminal.

The Pandacan oil depot previously hosted the facilities of Petron Corp. Pilipinas Shell Petroleum Corp., and Chevron Philippines, Inc. The property is owned by the state-owned Philippine National Oil Co.

“(SMC) intends to submit an unsolicited proposal to the Department of Transportation for the construction and operation of a bus and foot (sic) terminal at the NLEX-SLEX Connector Road that will allow provincial buses and UV Express vans to drop off passengers to decongest traffic at the Epifanio Delos Santos Avenue,” the listed company told the stock exchange on Monday.

Mr. Ang earlier said that the terminal will be built over the Skyway Stage 3, a road currently being built by SMC’s unit, Citra Central Expressway Corp., which will connect the South Luzon Expressway from Buendia in Makati City, and North Luzon Expressway in Balintawak, Quezon City.

The planned bus and food terminal, according to Mr. Ang, will be similar to an “airport terminal” where safety and security is ensured.

The terminal is expected to open by December 2019.

To recall, in 2017 Mr. Ang bared plans to convert the oil depot into a food terminal where agriculture products will be sold at lower prices. — J.C.Lim