Dutch Government Provides Export Credit Insurance for San Miguel’s Airport Project

San Miguel Corp. (SMC) has received its “strongest support yet” after it secured an export credit insurance (ECI) from the Dutch government for its New Manila International Airport (NMIA) development in Bulacan. The project, priced at ₱740 billion, is designed to have a capacity of 100 million passengers a year — which may be expanded to 200 million, if necessary — and accommodate 240 aircraft movements per hour.

Earlier in December 2020, a $1.73-billion contract was awarded to Dutch dredging firm Boskalis Westminster N.V. by SMC for the restoration of land at the site of the project. The ECI of the Dutch government, represented by Atradius Dutch State Business (DSB), was also extended to Boskalis “to cover its €1.5-billion contract for land development works at the airport project site in Bulakan, Bulacan.”

The ECI policy that was granted by the Dutch government is considered to be the largest out of Atradius’ 90-year history, while the NMIA is also regarded as Boskalis’ largest project over its 100-year history. This recent approval was made following a meticulous review of the NMIA’s long-term environmental and social impact mitigation measures, which was conducted for over a year. The analysis forms part of the effort to guarantee that the project is developed sustainably and aligned with the Philippines’ climate ambitions. Boksalis CEO Peter Berdowski further noted that “For more than a year, we have worked intensively with Atradius DSB to ensure that the construction of the new airport will take place in a socially responsible manner.”

“This is a significant milestone not only for San Miguel and the NMIA project, but for the entire country,” explained SMC president Ramon Ang. “With this, we are closer to our dream of having a world-class, future-ready, and sustainably-built international gateway, proudly built by Filipinos for the Philippines. This also validates our work with Boskalis to ensure that this project is done right, and will provide long-term economic, environmental, and social benefits to our host communities and Bulacan province.”

SMC is tasked with the construction, operation, and maintenance of the 2,500-hectare infrastructure. Among the developments for the NMIA are a passenger terminal building with airside and landside facilities, an airport toll road, and four runways. It will also be linked to the North Luzon Expressway (NLEX).

Source: GMA News