MANILA, Philippines — Moving forward with its flagship mass-transit project despite extensive land development challenges, the country’s largest conglomerate remains on schedule to deliver its massive airport infrastructure. San Miguel Corp. (SMC) announced that the first runway of the New Manila International Airport (NMIA) in Bulacan is solidly on track to open by 2028, with the possibility of finishing even ahead of schedule.
SMC Chair and CEO Ramon S. Ang shared the updates during the company’s annual stockholders’ meeting on Tuesday, highlighting that early flight operations could begin even while other terminal support structures are still being built.
To guarantee that the heavy foundations of the ₱740-billion “aeropolis” do not crack or shift over time, engineers are currently focusing on specialized land stabilization protocols across the Bulakan, Bulacan site:
[ THE BULACAN AEROPOLIS RECLAMATION STAGE ]
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[ LAND SURCHARGING PROCESS ] [ EARLY TIMELINE DEPLOYMENT ]
• **Stabilizing the Ground:** The runway is undergoing intensive • **Target Q2 2028:** Ang noted that the first runway is expected
surcharging—a process where millions of tons of sand and soil • to be fully stable and structurally complete by at least the
are piled on reclaimed land to forcefully squeeze out moisture. • second quarter of 2028.
• **Accelerating Settlement:** This engineering method speeds up • **Phased Launch Ready:** Delivering the runway early allows the
natural soil settlement, making sure the future tarmac can • facility to accept initial flights and generate early revenue
safely handle the weight of heavy commercial aircraft. • while surrounding support systems finish construction.
While the runway layout is progressing smoothly, Ang candidly revealed that extensive land preparation requirements have slowed down timelines for the airport’s primary commercial structures:
[ THE PHASE 9 RECLAMATION STRATEGY ]
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[ The Logistics Hub ] ──► The planned logistics center is located entirely within Phase 9 of the coastal development.
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[ Material Scarcity ] ──► This specific section requires a massive **7 million cubic meters of sand**
to properly raise, fill, and stabilize the muddy industrial plots.
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[ Adjusted Timeline ] ──► Originally slated for completion by 2025, the land filling for Phase 9
has now been pushed back to the **end of 2026**.
To support its intensive multi-year capital expenditure projects without straining existing corporate liquidity, SMC is tapping local equity markets for a major multi-billion peso fundraising drive.
| Corporate Financing Node | Prescribed Share Offering Parameters | Projected Capital Allocation Plan |
| SEC Registration Statement | Filed for a massive preferred share offering aiming to raise up to ₱30 billion in fresh capital. | Earmarked to directly fund the ongoing construction of the New Manila International Airport project in Bulacan. |
| Base Offer Mechanics | Consists of 266.67 million Series 2 preferred shares priced strictly at ₱75 per share. | At least ₱5 billion from the base offer proceeds will be funneled directly into SMC’s infrastructure division within the next year. |
| Oversubscription Option | Includes a flexible option to issue up to 133.33 million additional shares based on market demand. | The remainder of the raised capital will be strategically deployed to refinance the conglomerate’s existing corporate obligations. |
“We are on track to finish the first runway for 2028. In fact, it can even be earlier. What will delay us a bit is the passenger terminal and the logistics center because of the extensive land preparation required,” SMC Chair and CEO Ramon Ang explained to stockholders, reassuring them that the core airport functions will launch on schedule.
The updated construction schedule for the New Manila International Airport highlights the complex engineering challenges of building a world-class gateway on coastal ground. While sand scarcity and heavy land preparation have pushed back the completion of the passenger terminal and logistics center to late 2026, SMC’s strategy of prioritizing the main runway ensures the project keeps its momentum. Once operational in 2028, NMIA will work alongside the newly modernized Ninoy Aquino International Airport (NAIA)—which is also managed by an SMC-led consortium—giving the conglomerate unparalleled control over Luzon’s aviation hubs. Supported by a massive ₱30 billion preferred share offering to secure its financial runway, SMC’s mega-airport remains a central piece of the country’s long-term infrastructure strategy throughout 2026.
