THE bill granting San Miguel Aerocity Inc. a franchise to construct, develop, establish, operate, and maintain a domestic and international airport in Bulacan hurdled third and final reading at the House of Representatives on Monday, September 7, 2020.
House Bill (HB) no. 7507 received 218 affirmative votes, six negative votes, and two abstentions. It was sponsored by Bulacan Representative Jose Antonio Sy Alvarado.
The franchise granted to the company will be valid for 50 years and will allow the corporation to construct an airport in a span of 10 years with a project cost estimated at P740 billion.
The franchise also requires San Miguel Aerocity to remit to the government at least 12 percent of internal rate of return of the airport.
To be dubbed the “New Manila International Airport,” the new airport is expected to decongest the Ninoy Aquino International Airport, which is now crowded. It also aims to support growth and development in Central Luzon.
It will feature an 8.4-kilometer tollway which will connect the airport to North Luzon Expressway in Marilao, Bulacan.
There will be four runways, expandable up to six, with a capacity of at least 100 million passengers annually.
“This is probably the biggest single-term investment in the country’s history. San Miguel is a Filipino company that has kept nearly all of its money here, to develop the country,” House committee on ways and means chairman and Albay Representative Joey Salceda earlier said. (SunStar Philippines)