Ang laser-focused on ‘game-changing’ Bulacan airport
Conglomerate San Miguel Corp. (SMC) will prioritize the completion of its delayed Bulacan airport project in the coming years, calling it a “game changer” that could boost the country’s tourism.
“Our main focus is to finish the Bulacan airport,” SMC chair Ramon Ang said during their annual stockholders meeting on Tuesday, when asked about their near-term outlook.
Last year, SMC pushed back the completion of the P740-billion New Manila International Airport (NMIA) by a year to 2028 due to supply chain challenges.
Ang previously told reporters they were having a hard time sourcing sand, saying that the project cost could increase by “hundreds of millions of dollars.”
Still, the billionaire said they were determined to complete the project in three years.
Construction for NMIA started in 2019 after the signing of a 50-year concession agreement between SMC and the Department of Transportation.
In focusing on airport infrastructure, Ang noted that the Philippines only relied on overseas Filipino workers and the business process outsourcing sector to drive passenger volume at its airports.
“We need another push coming from tourism,” Ang said.
Last year, the Philippines welcomed 5.95 million international tourists, thus missing its 7.7-million goal.
At the same time, Ang noted SMC was on track to grow its earnings this year, especially after taking over the management of the Ninoy Aquino International Airport, the country’s main gateway.
“As of now, our businesses are very stable,” he said.
SMC’s earnings in the first quarter surged by nearly fivefold to P43.4 billion due to gains from a $3.3-billion power deal with Manila Electric Co. and Aboitiz Power Corp.
Without this one-time gain, SMC’s core net income in the January to March period surged by 31 percent to P19 billion on improvements across its businesses.
Revenues slid by 8 percent to P360.9 billion due to weaker crude prices that dragged the profitability of Petron Corp.
