The conglomerate drew another $23 million from its $2.165 billion (P120 billion) loan facility to finance ongoing land development works at the Manila International Airport (MIA) Project in Bulakan, Bulacan, its latest quarterly report showed.
“The land development works of the MIA Project were ongoing and progressing well,” SMC said in the filing.
Current land development progress stood at just under 80 percent.
“[A]irport development works were estimated to commence in 2025,” SMC said.
Ang previously said delays were partly due to challenges in securing sand backfill given a review on reclamation projects along Manila Bay.
Still, he expected the airport project to be finished by 2028.
The Bulacan airport project, San Miguel Aerocity Inc., is in response to long-term airport traffic as the Ninoy Aquino International Airport reaches capacity.
It will initially serve 35 million passengers, going up to 100 million in succeeding phases until fully complete.
SMC is also the lead company currently rehabilitating Manila’s Ninoy Aquino International Airport, the country’s busiest gateway.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
