SAN MIGUEL Corp. (SMC) has drawn $23 million from its existing $2.165-billion loan facility to finance land development for the Bulacan International Airport project, also known as the New Manila International Airport (NMIA).
The P740-billion airport project, which SMC is developing through San Miguel Aerocity Inc., covers 2,500 hectares in Bulacan province and aims to establish a world-class aerotropolis capable of handling 100 million passengers annually, the company told the stock exchange.
Development work is expected to commence in 2025 or early 2026.
SMC previously announced that the airport’s commercial operations have been delayed to 2028 due to construction setbacks, including a shortage of fill sand.
Additionally, SMC’s subsidiary SMC Mass Rail Transit 7, Inc. has secured a P4.5-billion loan from the P100-billion Omnibus Loan and Security Agreement (OLSA) signed in 2023 to fund the Metro Rail Transit Line 7 (MRT-7) project.
In April, SMC MRT-7 Corp. entered into an operations and maintenance agreement with Korea Railroad Corp. to expedite MRT-7’s development, with full completion targeted by 2026.
Under a 25-year concession agreement with the government, SMC MRT-7 holds the rights to build, operate, and maintain the 23-kilometer commuter rail system running from Quezon City to San Jose del Monte.
The line will feature 14 stations and is projected to carry 300,000 passengers daily in its first year, scaling up to 850,000 passengers by its 12th year.
For the first quarter of 2025, SMC reported a net income of P43.4 billion, up from P8.9 billion a year earlier. The surge was driven by foreign exchange gains and a one-time profit from the partial sale of power assets, despite an 8% decline in consolidated revenue to P360.9 billion.
Core net income rose 31% to P19 billion, supported by cost-management measures and improved performance across most core businesses.
Revenue contraction was mainly due to lower crude prices and reduced contributions from the power sector following the deconsolidation of the Ilijan Power Plant.
At the Philippine Stock Exchange on Monday, SMC shares declined 1.09%, closing at P82 apiece. — Ashley Erika O. Jose
