San Miguel Corporation (SMC) has reaffirmed its commitment to delivering one of the Philippines’ most ambitious infrastructure projects—the New Manila International Airport (NMIA) in Bulacan. During the company’s annual stockholders’ meeting, SMC Chairman and CEO Ramon Ang announced that construction of the airport’s first runway remains firmly on track for completion by 2028, with the possibility of an earlier delivery. This milestone is expected to mark the beginning of operations, even as other components of the project continue to be developed.

Ang explained that the runway is currently undergoing surcharging, a critical process to stabilize reclaimed land before heavy infrastructure is built. He emphasized that the company anticipates the runway to be operational by the second quarter of 2028, positioning NMIA as a new gateway to ease congestion at the aging Ninoy Aquino International Airport. While the runway is progressing smoothly, Ang acknowledged that the passenger terminal and logistics center present greater challenges due to extensive land preparation requirements. The logistics center, located in Phase 9 of the project, requires approximately seven million cubic meters of sand for development. Originally slated for completion in 2025, this component is now expected to be finished by late 2026.

Despite these adjustments, SMC maintains confidence in the overall timeline, underscoring the strategic importance of NMIA. Once completed, the airport is projected to become one of the country’s largest hubs for both passenger and cargo traffic, supporting long-term growth in aviation and logistics. The project is also a cornerstone of SMC’s infrastructure portfolio, reflecting its broader vision of driving national development through large-scale investments.

To support financing, SMC has filed with the Securities and Exchange Commission for a preferred share offering worth up to ₱30 billion. The offering includes 266.67 million Series 2 preferred shares priced at ₱75 each, with an oversubscription option of up to 133.33 million shares. According to the prospectus, approximately ₱5 billion from the proceeds will be allocated to infrastructure development within a year, while the majority will be used to refinance existing obligations. This capital-raising initiative highlights the company’s proactive approach to balancing project funding with financial sustainability.