18-3-2024 (MANILA) Philippine conglomerate San Miguel Corp announced on Monday (March 18) that it has successfully secured financing from banks for its ambitious 170.6 billion pesos (US$3 billion) project to upgrade and revamp the country’s primary airport.
San Miguel President Ramon Ang confirmed to reporters that banks have committed to providing the necessary financing for the project, in addition to the equity share contributed by the consortium.
The announcement comes after the signing of a 15-year concession agreement for the airport project.
In February, San Miguel Corp, along with partners such as South Korea’s Incheon International Airport Corp, emerged victorious in a government auction for the airport project. Their bid surpassed that of India’s GMR Airports Consortium and a consortium of Philippine tycoons.
