THE good news is, the world-class airport project of Ramon S. Ang (RSA) has gotten the approval of a crucial export credit insurance (ECI) scheme in the venture’s land development phase.
It is a milestone development as the P740-billion San Miguel Corp. game-changer, officially known as the New Manila International Airport (NMAI), can now smoothly proceed with its construction mode sans environmental roadblocks.
The Dutch government, represented by Atradius Dutch State Business (DSB), extended the ECI to Royal Boskalis Westminster N.V., to cover its EUR 1.5 billion contract for land development works at the airport’s site in Bulakan, Bulacan.
The NMIA is the largest project in Boskalis’ over 100-year history, and the biggest export credit agency (ECA) insurance policy granted in the 90-year history of Atradius.
Ang, the SMC president-CEO, thanked the Dutch government for its support to the NMIA, an “aeroport city” with four parallel landing pads to rival, if not surpass, some of the world’s vaunted state-of-the-art terminals.
“This is a significant milestone not only for San Miguel and the NMIA project, but for the entire country,” 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.”
In a statement posted on Boskalis’ international website, its CEO Peter Berdowski, said: “I am very pleased that all the hard work with a large team of experts has been successfully completed. For more than a year, we have worked intensively with Atradius DSB to ensure that the construction of the new airport will take place in a socially responsible manner.”
He added: “In collaboration with Atradius DSB, and Dutch embassy, we succeeded in developing a broadly supported plan with an eye for the local community and the preservation of biodiversity. I would like to thank all those involved for their contribution to the positive decision of the State.”
In the same statement, Atradius DSB Managing Director Bert Bruning said: “This project is unique on so many levels. Firstly, of course, it is a very important contract for our client Boskalis and, also for us, it is the largest ECA policy in our 90-year history.”
Ang expressed pride over the successful collaboration between Boskalis and San Miguel, stressing that their constant dialogue had produced “international standards” in the field of environmental and social conditions.
“This shows that the project and our environmental and social mitigation plans are not only sound, but also robust and strong, as attested by the exacting requirements of the Dutch government. It is another testament to the ability of Filipinos to be world-class,” Ang said.
When completed, Ang said the project—targeted to employ thousands of Filipinos—will generate no less than one million jobs on multiple opportunities provided by modern infrastructure such as a road network of skyways and railways for cars and other mobility protocols going to Bulacan for quick access to the airport.
I can’t wait to see its completion.
EV pitch from Subaru, Honda
A recent Nikkei report said Subaru will soon build Japan’s first electric vehicle (EV) plant. Will that mean it will out-race Toyota in the EV segment?
Also, Honda’s electric-only e-N line pricing strategy is in the works to target China’s middle-class sector, reputedly the world’s biggest EV market. Honda’s cost-cutting spin is its EV strategy?
And, speaking of EVs, China seems headed for EV oversupply as manufacturers rush to swarm capacity as they seek bigger slices of the world’s top auto market.
For now, China’s capacity build-up is placed at $11 billion.
PEE STOP Birthday greetings to Coach Dayong of San Miguel Beer, whose love affair with Toyota started when he purchased a Hilux in 1997. He now alternately drives a Previa and a Fortuner—both bought second-hand. Happy birthday, Coach!