San Miguel has acquired a majority stake in the Caticlan International Airport Development Corp. (CIADC) in the Philippines, to facilitate the modernisation of the airport.
CIADC will modernise the airport at a cost of P2.51bn ($56m) under a build-operate-transfer scheme, according to Reuters.
The first phase, scheduled to be complete in one year, will improve the existing terminal building, and extend and widen the runway.
It will also include building a new passenger terminal building, vehicular parking area and other facilities.
The second phase will involve the addition of another floor to the one-storey terminal building and the flattening out of an adjacent hill, which will involve moving 350,000m³ of soil.
The CIADC will also build fences around the airport, upgrade the fire station and equip the facility with new navigational aids.
The third phase, expected to take two to four years, will involve extending and widening the runway, and the construction of a new two-storey terminal building.
The final phase, which will take one or two more years, includes further extension and widening of the runway.