San Miguel submits plan for $10bn international airport in Manila, Philippines

15 May 2014 (Last Updated May 15th, 2014 18:30)

Philippines-based infrastructure firm San Miguel (SMC) has submitted a proposal for the construction of a new $10bn international airport in Manila.

Philippines-based infrastructure firm San Miguel has submitted a proposal for the construction of a new $10bn international airport in Manila.

The new project will include the acquisition of additional land, as well as the construction of four runways and an elevated toll road to connect the airport to the Makati financial district. San Miguel first presented its plan in 2013 to build a new international facility to replace Manila's Ninoy Aquino International Airport, one of the oldest airports in the region.

"The new airport project includes construction of four runways, an elevated toll road to connect the airport to the Makati financial district, as well as the acquisition of additional land."

San Miguel plans to build the new airport on the reclaimed land along Manila Bay and has reportedly been in talks with the country's president Benigno Aquino about the airport proposal.

The company is also planning to invite partners such as SM Investments Corp and Ayala Corp, which are two of the country's biggest conglomerates, to join the project.

San Miguel president Ramon Ang said that the company was ready to face competing bids.

Transportation secretary Joseph Emilio Abaya said his department would ask a more detailed presentation from San Miguel on its proposal.

The company plans to build the new airport under a build-operate-transfer scheme, which is expected to run for 15 years.