SMC’s NMIA runway seen ready in ’28  

MANILA, Philippines – San Miguel Corp. (SMC) said the first runway of its massive New Manila International Airport (NMIA) project in Bulacan could be completed ahead of schedule, although parts of the development, including the passenger terminal and logistics center, may take longer to finish.

Speaking during the company’s annual stockholders’ meeting on Tuesday, SMC chair and CEO Ramon Ang said construction of the airport’s first runway remains on track for 2028 and could even be delivered earlier than initially planned.

READ: SMC ‘aeropolis’ in Bulacan seen gaining ground

“We are on track to finish the first runway for 2028. In fact, it can even be earlier,” Ang said.

He added that the runway is currently undergoing surcharging, a process used to prepare reclaimed land before major infrastructure is built on it.

Ang said the company expects the first runway to be ready by at least the second quarter of 2028, allowing airport operations to commence even if other components are still being completed.

The passenger terminal and logistics center, however, are proving more challenging because of the extensive land preparation required.

“What will delay us a bit is the passenger terminal and the logistics center,” Ang said.

According to Ang, the logistics center is located in Phase 9 of the project, an area that requires around 7 million cubic meters of sand for land development. The work was originally targeted for completion in 2025 but is now expected to be finished by the end of 2026.

Despite the adjustment, Ang maintained that the airport’s first runway remains on schedule and can begin operating in 2028.

The NMIA project is among the country’s largest infrastructure developments and is expected to help decongest the aging Ninoy Aquino International Airport while supporting long-term growth in air travel and logistics.

The project also remains a key investment priority for the conglomerate. Earlier, SMC sought to raise up to P30 billion through a preferred share offering, with part of the proceeds earmarked for the development of the Bulacan airport project.

The company filed with the Securities and Exchange Commission a registration statement covering the offering of 266.67 million Series 2 preferred shares priced at P75 each, along with an oversubscription option of up to 133.33 million additional shares.

READ: San Miguel files for P30-B preferred share offering

Based on the prospectus, as much as P5 billion from the proceeds of the base offer will be allocated to SMC’s infrastructure business within a year. The bulk of the funds will be used to refinance existing obligations.

Once completed, NMIA is expected to become one of the country’s largest gateways, serving as a major hub for both passenger and cargo traffic. INQ