San Miguel secures bank financing for P170.6 billion airport

March 18, 2024 - 1:36 PM
An undated picture of the Ninoy Aquino International Airport Terminal 1. (Photo from Philippine News Agency)

Philippine conglomerate San Miguel Corp SMC.PS said on Monday it has already secured financing from banks for its P170.6 billion ($3 billion) operation and overhaul of the country’s main airport.

Banks have already committed to financing the project, on top of an equity share from the consortium, San Miguel President Ramon Ang told reporters after signing a 15-year concession agreement.

In February, San Miguel and partners that include South Korea’s Incheon International Airport Corp IIACO.UL, won the government auction for the airport project, beating India’s GMR Airports Consortium and a group of Philippine tycoons.

— Reporting by Neil Jerome Morales; Editing by Martin Petty