The National Economic and Development Authority said Thursday a committee composed of Cabinet secretaries endorsed a proposal by San Miguel Corp. to build a P735-billion international airport in Bulacan province.
Neda said the Investment Coordination Committee-Cabinet Committee approved on March 28 the Bulacan International Airport Project in Bulakan town, which is hugged by Manila Bay. It was sent for the final approval of President Rodrigo Duterte, who heads the Neda Board.
Bulakan, a first-class town, is located northwest of Obando and Valenzuela City and is only 35 kilometers north of Manila.
Neda said the Bulacan Airport Project has a project cost of P735.63 billion. The unsolicited proposal involves the construction of a terminal, parallel runways and airport toll road, and will be able to accommodate 100 million passengers per annum by its opening year of 2023.
“Furthermore, ICC’s approval of the airport project includes recommendation to the Neda Board for negotiations between DOTr [Department of Transportation] and San Miguel Holdings towards conducting the prescribed Swiss Challenge, after finalizing the bidding parameters with the Department of Finance,” Neda said.
San Miguel decided to push for the proposal amid the congestion at the existing main gateway”•Ninoy Aquino International Airport. Seven conglomerates submitted a bid to redevelop Naia, while SM and Solar Group proposed to build a new airport in Sangley Point, Cavite.
San Miguel’s proposed involved developing an “aerotropolis”on 1,168 hectares and a city complex on a 2,500-hectare area in Bulakan.
Meanwhile, the ICC-Cabinet Committee also endorsed for the approval of the president the Davao Food Complex. Julito G. Rada
The Davao Food Complex, which will cost P1.086 billion, aims to improve the importing and exporting of agro-business products in Mindanao, particularly the Davao Region. The project will focus on the development, marketing, management and lease of a 20-hectare government-owned land in Toril, Davao City.
Neda Undersecretary for investment programming Rolando Tungpalan said the technical board and Cabinet Committee of the ICC established measures to make sure that possible risks on projects would be addressed.
He said that the committee thoroughly reviewed all projects”•including the proponent’s financial capability, project feasibility, concession agreements, and risk allocations”•before these were approved.
He said among the aspects of the project that were reviewed were the reasonable rate of return, minimum performance standards and specifications, key performance indicators and risk allocation matrix.
“As we aim to promote infrastructure development, the ICC Technical Board and Cabinet Committee are duty bound to address all these areas to ensure the success of any project,” Tungpalan said.