A subsidiary of conglomerate San Miguel Corp. (SMC), which is proposing to build an Php800 billion (USD15,242 million)  “aerotropolis” in Bulakan, Bulacan, about 50 kilometers northwest of Manila, signed a memorandum of understanding with Incheon International Airport. 

The agreement between SMC and Incheon Airport will be further discussed once SMC subsidiary San Miguel Holdings Corp. is awarded the project.

SMC’s offer, which involves the construction of a six-runway airport serving over 100 million passengers per year, still requires the final approval from the government.

A competitive bidding challenge is not expected to be completed until early 2019.