The Incheon International Airport Corp. (IIAC) has signed an agreement with San Miguel Corp. (SMC) for a cooperative partnership to develop an international airport in Bulacan.
SMC President & COO Ramon S. Ang and IIAC President and CEO Chung Il-Young signed the cooperative partnership agreement in Tokyo, Japan on November 23.
Korean news outlets have reported that IIAC will be participating as an operator if SMC ultimately wins the contract to develop the new airport.
In April 2018, National Economic and Development Authority (NEDA) Board during its 6th board meeting under President Rodrigo R. Duterte’s administration, at the Bangko Sentral ng Pilipinas, approved the Unsolicited Proposal of SMC for the Bulacan International Airport.
“The new Bulacan airport, an unsolicited proposal from the San Miguel Holdings Corp. (SMHC), was approved by the National Economic Development Authority (NEDA) Board last April 25, subject to resolution of pending issues, including a submission of “Joint and Several Liability” agreement by SMHC and its parent company,” the Department of Transportation (DOTr) said in August.
“After submitting the revised Concession Agreement, along with the Risk Allocation Matrix, the NEDA and the Department of Finance (DOF) submitted their comments last August 9, and are now under consideration of SMHC. After which, the DOTr will commence negotiations with SMHC to finalize the draft Concession Agreement and submit the same to NEDA ICC, and finally begin the Swiss Challenge process,” DOTr added.
Sources: http://www.businesskorea.co.kr/news/articleView.html?idxno=26884; https://pulsenews.co.kr/view.php?year=2018&no=736852; http://www.neda.gov.ph/2018/04/26/14899/; https://web.facebook.com/DOTrPH/photos/a.132771066862038/1192119514260516/?type=3&theater