Groundbreaking of Bulacan airport PPP project is delayed
The Government of the Philippines said that it may forfeit the PHP 11 billion (US$217 million) performance bond of San Miguel Holdings Corporation (SMHC) if the company fails to comply with the concession agreement for the development of the New International Airport project in Bulacan.
In September 2019, SMHC has signed the contract for the construction of the PHP734 billion (US$13.9 billion) airport project that aims to decongest the Ninoy Aquino International Airport (NAIA). SMHC has delayed the groundbreaking in December 2019 after the project is put on hold pending the inquiry from the Department of Finance. The groundbreaking of the project was delayed again in January 2020 after an unspecified personal issue of San Miguel Corp. (SMC) president, Ramon Ang.
The implementing agency, Department of Transportation (DOTr), assured that the construction of the project will start this year with the completion in six years.
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