SAN Miguel Corp. on Wednesday said it received its support P740-billion New Manila International Airport (NMIA) project in Bulacan following the approval of the Dutch government of an export credit insurance for the project’s land development phase.
The approval comes after more than a year of “rigorous” review of the project’s long-term environmental and social impact mitigation measures to ensure that the multi-billion project is done with sustainability in mind and aligned with the country’s climate ambitions.
San Miguel’s share price closed last Wednesday at P102.80, down P2.20 from the previous close.
The Dutch government, represented by Atradius Dutch State Business (DSB), extended the export credit insurance to Royal Boskalis Westminster N.V., to cover its 1.5-billion euro contract for land development works at the airport project site in Bulakan, Bulacan.
San Miguel’s Bulacan airport project is the largest in Boskalis’s over 100-year history. It is also the largest export credit agency insurance policy granted in the 90-year history of Atradius. San Miguel President and CEO Ramon S. Ang thanked the Dutch government for its support to the Bulacan airport, a project seen to catalyze sustainable economic growth for the Philippines.
“This is a significant milestone not only for San Miguel and the NMIA project, but for the entire country. With this, we are closer to our dream of having a world-class, future-ready and sustainably-built international gateway, proudly built by Filipinos for the Philippines,” Ang said. “This also validates our work with Boskalis to ensure that this project is done right and will provide long-term economic, environmental and social benefits to our host communities and Bulacan province.”
The San Miguel CEO also said he’s “very pleased that all the hard work with a large team of experts has been successfully completed.”
Boskalis CEO Peter Berdowski was quoted in a statement as saying that San Miguel worked intensively with Atradius DSB for more than a year “to ensure that the construction of the new airport will take place in a socially responsible manner.”
“In collaboration with Atradius DSB, the Dutch embassy, we succeeded in developing a broadly supported plan with an eye for the local community and the preservation of biodiversity,” Berdowski added.
According to San Miguel, a group of experts from the conglomerate, together with Boskalis and four consultancy firms, conducted an extensive environmental and social impact assessment in accordance with the highest international standards.
This process also included the conduct of impact analyses and compensation packages for adverse effects of the project.
“This shows that the airport project and our environmental and social mitigation plans are not only sound, but robust and strong, given they can pass not only international standards but the exacting requirements of the Dutch government. It is another testament to the ability of Filipinos to be world-class,” Ang said.
The San Miguel CEO vowed to “continue to work with Atradius, the banks, experts, national and local government and all stakeholders to ensure we will build this project in a sustainable manner and in compliance with the highest international environment and social standards.”
The airport project will feature four parallel runways, a terminal and an interlinked infrastructure network that includes expressways and railways.