Dispel Rumors About DOF Issue
The Department of Transportation (DoTr) disclosed Wednesday that Bulacan International Airport is still a go despite delay in its project implementation.
Transportation Assistant Secretary Giovanni Lopez said that while there is delay in project implementation, the delay is not yet “critical” in the construction time line.
DOTr stated that they were supposed to break ground in December or January this year but due to family matters personal to Ramon Ang, SMC President and COO, groundbreaking has to be postponed.
“The project will be completed after six years but definitely its construction will start this year,” Lopez said at a press briefing in Malacañang on Wednesday.
The project has earlier been delayed by the Department of Finance (DOF) after issues relating to material adverse government action (MAGA) provision of the contract was found. This was already resolved.
San Miguel Corporation(SMC) President and Chief Operating Officer Ramon Ang was quoted as saying they are waiving the the conditions but the contract does not stipulate the waiver expressly according to Lopez.
"SMC loans in the foreign market still requires DOF intervention as it involves big amount of money. I think DOF wants to see this money cleared first," Lopez said during the sideline.
SMC announced in December it planned to return to the onshore debt market with the establishment of a medium-term note program (MTNP) amounting to $3 billion to fund its massive infrastructure projects.
SMC has tapped six foreign banks to act as underwriters of the planned notes issuance under its $3-billion medium-term note program.
San Miguel said in a disclosure to the stock exchange it hired Australia and New Zealand Banking Group Ltd., Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank and UBS AG Singapore Branch as initial dealers.
"Perhaps DOF wants to have this credit line open by international banks so construction of the airport proceed smoothly." Lopez adds.
Lopez disclosed that if the project does not proceed as planned, the government will get compensation from SMC through its performance bond.
“In this Bulacan airport, San Miguel gave a performance bond in the amount of more or less P11 billion,” says Lopez.
20 February 2020
The Department of Transportation (DoTr) disclosed Wednesday that Bulacan International Airport is still a go despite delay in its project implementation.
Transportation Assistant Secretary Giovanni Lopez said that while there is delay in project implementation, the delay is not yet “critical” in the construction time line.
DOTr stated that they were supposed to break ground in December or January this year but due to family matters personal to Ramon Ang, SMC President and COO, groundbreaking has to be postponed.
“The project will be completed after six years but definitely its construction will start this year,” Lopez said at a press briefing in Malacañang on Wednesday.
The project has earlier been delayed by the Department of Finance (DOF) after issues relating to material adverse government action (MAGA) provision of the contract was found. This was already resolved.
San Miguel Corporation(SMC) President and Chief Operating Officer Ramon Ang was quoted as saying they are waiving the the conditions but the contract does not stipulate the waiver expressly according to Lopez.
"SMC loans in the foreign market still requires DOF intervention as it involves big amount of money. I think DOF wants to see this money cleared first," Lopez said during the sideline.
SMC announced in December it planned to return to the onshore debt market with the establishment of a medium-term note program (MTNP) amounting to $3 billion to fund its massive infrastructure projects.
SMC has tapped six foreign banks to act as underwriters of the planned notes issuance under its $3-billion medium-term note program.
San Miguel said in a disclosure to the stock exchange it hired Australia and New Zealand Banking Group Ltd., Credit Suisse (Singapore) Ltd., DBS Bank Ltd., Mizuho Securities Asia Ltd., Standard Chartered Bank and UBS AG Singapore Branch as initial dealers.
"Perhaps DOF wants to have this credit line open by international banks so construction of the airport proceed smoothly." Lopez adds.
Lopez disclosed that if the project does not proceed as planned, the government will get compensation from SMC through its performance bond.
“In this Bulacan airport, San Miguel gave a performance bond in the amount of more or less P11 billion,” says Lopez.
I may not like the Revilla family, but I completely agree with Cavite Gov. Remulla, that NAIA better be converted into a urban park once Sangley and Bulacan airports become fully operational. In my opinion, the super consortium should shelve their plan to upgrade NAIA and better leave it as is, until it is closed down. Lucio Tan is investing in Sangley anyway. If I may add, it would be better to add public housing in the planned NAIA park so informal settlers can settle there. Converting NAIA into another CBD will add chaos to our growing traffic congestion. There is also a need to connect both Bulacan and Sangley airports through an airport express rail. The PNR NSCR connecting Manila and Clark is the perfect and most strategic to expand and connect Bulacan and Sangley, by building a spur line from Bocaue station to Bulacan airport, amd from Paco station to Sangley airport using the ROW of Roxas boulevard and Cavitex. I hope the DOTR considers this.
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