As supported by the Department of Transportation (DOT) of the Philippines, the Bulacan International Airport project is an initiative of the San Miguel Corporation (SMC).
The two organizations intend to aid in easing the congestion that has long bedeviled the customers of the Ninoy Aquino International Airport in Pasay City.
Last August, the DOT awarded the Bulacan-based airport project to SMC.
Giovanni Lopez, the DOT Assistant Secretary for Procurement, relayed that Ramon Ang’s company will handle the forthcoming airport’s maintenance, financing, and construction.
He also said that the SMC would manage the P734-billion provincial aerodrome’s design, operation, completion, supply, commissioning, and testing.
Lopez affirmed that it would take six years before the completion of the construction of the airport.
Nevertheless, its building would surely commence this year, the DOT official relayed.
Last December and early this year, Lopez pointed out that the multi-billion-peso initiative was supposed to have its groundbreaking ceremony.
However, Ang remarked that this rite would not push through because it was on hold two months ago.
The government has reportedly provided more time for SMC due to an unidentified personal matter confronting its president.
During a press conference held at the Malacañang Palace, Lopez confirmed that Ang was going through a grave personal issue.
He said that their secretary at this time has chosen to exercise graciousness and human compassion, rather than repeatedly prod SMC regarding the status of the project.
Moreover, the DOT assistant secretary for procurement mentioned that if they can provide more time to Ang’s firm, the proponent of the Bulacan aerodrome could completely recuperate.
Meanwhile, Lopez remarked that there are no grounds to feel concerned regarding the postponement in the timeline of the airport project.
He pointed out that, in a concession contract comprising an unsolicited proposal, the promoter of the initiative has to book a construction performance security.
He explained that SMC posted a performance bond amounting to roughly P11 billion in the Bulacan airport project, according to the report published online by Philippine daily newspaper The Philippine Star.
Hence, if there would be no progress in the Bulacan initiative’s construction, the government would forfeit the P11-billion performance bond of SMC.
This scenario would also take place if Ang’s firm violates the regulations and rules on the building of the pending provincial facility, Lopez added.
Meanwhile, the DOT disclosed that the Department of Justice is presently evaluating the concession contract of the provincial airport initiative at the request of the Department of Finance.
The government also reportedly desired some clarifications on the limit on liability with regards to the operational deliverables and performance.
San Miguel Corporation (PSE: SMC) previously closed on Wednesday, February 19, 2020, at P132.40.
The 52-week high of the company is at P195.90. Meanwhile, its 52-week low is at P131.00, based on the data posted online by the Philippine Stock Exchange.
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