SM open to partnering with San Miguel for airport

Posted at 05/19/14 2:33 PM

MANILA, Philippines - SM Investments Corp. is open to teaming up with San Miguel Corp. on its proposed $10 billion airport project.

"We can talk. That's what we need for our country to grow in the next stage," SM Investments chief finance officer Jose T. Sio said.

However, he said there are no ongoing talks with San Miguel.

Sio said the proposed airport project will be good for the country's economy, as well as improve its infrastructure.

Last week, San Miguel president Ramon Ang said the group was willing to invite partners, such as SM Investments and Ayala Corp to join the project.

San Miguel is proposing to build the new airport on reclaimed land along Manila-Cavite Coastal Road. The property is owned by CyberBay Corp, a company partly owned by Ang.

At $10 billion, the proposed airport would be more than six times bigger than the government's biggest unsolicited project, the P65 billion LRT 1 Extension. And at 750 hectares, it would be bigger than two municipalities, San Juan and Pateros.

The proposed airport has the capacity to serve 75 million to 100 million passengers every year. While the current NAIA capacity can only accommodate 40 planes per hour, the proposed airport can handle 250 planes.