SMC taps Standard Chartered, Sumitomo as financial advisors for airport project

DIVERSIFIED conglomerate San Miguel Corp. is proposing to build a mega-airport in Bulacan province. — BW FILE PHOTO

SAN MIGUEL Corp. (SMC) is tapping Standard Chartered Bank (SCB) and Sumitomo Mitsui Banking Corp. (SMBC) as co-financial advisors for its proposed New Manila International Airport in Bulacan.
In a statement over the weekend, the diversified conglomerate said the partnership with SCB and SMBC is a “key step forward” in pursuing the P735-billion airport project.
“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,” SMC said.
The New Manila International Airport project was conditionally approved by the National Economic and Development Authority (NEDA) Board in April, with questions on its financial and technical viability.
As an unsolicited proposal, the New Manila International Airport project will have to go through a Swiss challenge, where other groups may submit counterproposals that SMC has the option to match.
SMBC said it will work with SCB to ensure “San Miguel has all the support required to get a project of this magnitude and scale, done.”
In June, the NEDA said it is preparing the concession terms for the airport project, which when completed, will be further reviewed by an inter-agency committee and the NEDA Board chaired by President Rodrigo R. Duterte.
SMC intends to construct, operate and maintain the airport, which will feature four to six parallel runways and an 8.4-kilometer airport toll road. When completed, the gateway is expected to have a capacity of 100 million passengers a year, making it an alternative to the Ninoy Aquino International Airport (NAIA) in Pasay City. — Denise A. Valdez