The House of Representatives on Monday approved on third and final reading a measure granting a 50-year franchise to San Miguel Aerocity Inc. to build and operate an international airport in Bulacan.
With 218 affirmative votes, six negative votes, and two abstentions, lawmakers cleared House Bill 7507, which grants the subsidiary of conglomerate San Miguel Corp. the authority to construct an airport over a 10-year period.
Estimated to cost around P740 billion, the New Manila International Airport is seen to spur growth in central Luzon.
During the 10-year construction period, SMC shall be exempt from any and all direct and indirect taxes, including income taxes, value-added taxes, percentage taxes, customs duties and tariffs, business taxes, franchise taxes, and supervision fees.
Under the profit-sharing agreement in the franchise bill, SMC shall be entitled to generate income from the Airport City equivalent to a 12% rate of return per annum.
Source: Peso Economics
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