Incheon International Airport signed a memorandum of understanding with San Miguel Holdings to push ahead with a project to develop a new airport in Manila in the Philippines, the firm said Monday.
Chung Il-young (right), president of Incheon International Airport, and Ramon See Ang, CEO of the San Miguel Holdings Corporation pose for cooperative partnership‘s signing ceremony of new Manila Airport project at the Imperial Hotel in Tokyo, Japan. (IIAC)
The new project of Manila aims to set up an airport in Bulacan, 40 kilometers northwest of Manila, and San Miguel first proposed the project to the Philippines government in September 2016.
After conducting a feasibility study, it received approval for the construction in April by the National Economic and Development Authority in the Philippines.
According to the airport sources, “We successfully established cooperative relations with San Miguel with this MOU,” and added. “If the project is carried out in earnest, the company plans to participate as an operating business.”
The annual number of passengers at Manila Ninoy Aquino International Airport, formerly known as Manila International Airport, reached 42 million last year, exceeding the annual passenger handling capacity of 31 million.
The new Manila airport would have an annual passenger handling capacity of 100 million people, and the total cost of the project is estimated to be 17.5 trillion won ($15.5 billion). The private business selected as the final operator will manage the new airport exclusively for 50 years.
The construction process of the new Manila airport has similarities with those of Incheon International Airport, in the way that it is built on reclaimed land.
“If we participate in the project, we will be able to fully exploit the know-how we have about airport construction and operation that we accumulated through the opening of the airport,” the airline official said.
By Lee So-jeong (email@example.com)