SMC taps Stanchart and Sumitomo as financial advisors for Bulacan airport project

Conglomerate San Miguel Corp. (SMC) has tapped Standard Chartered Bank and Sumitomo Mitsui Banking Corp. as co-financial advisors for its planned P735 billion New Manila International Airport project in Bulacan.

The partnership with the two major financial institutions is seen as a key step in making the New Manila International Airport a reality, according to SMC.

The airport project, which was granted approval by the National Economic Development Authority chaired by President Duterte last April, involves the construction of a world-class, major international gateway with four to six parallel runways, modern terminals, a sea port, an industrial zone, and necessary infrastructure such as expressways.

“SMC has appointed Standard Chartered Bank and Sumitomo Mitsui Banking Corp. as co-financial advisors as we continue to progress through the next stages of approvals and process,” the company said in a statement.

“They are both leading advisors in the infrastructure and airports sector and will be able to bring their expertise and experience to assist SMC throughout the process, with the ultimate goal of the successful delivery and closing of this landmark project for the Philippines,” it said.

The development of a new airport in Bulacan is seen as a priority project of the current administration to decongest and complement the Ninoy Aquino International Airport, which serves as the country’s main international gateway.

“It’s a great privilege and honor to partner with San Miguel Corp. on such a historic and game-changing project for the Philippines. We believe our experience in projects of this scale will be of great value to San Miguel, and, together with Sumitomo Mitsui Banking, we are ready and able to provide all the support they will need,” Standard Chartered Bank said.

For its part, Sumitomo Mitsui Banking also welcomed its appointment as a co-financial advisor, saying that the Bulacan airport project is of great importance to the Philippines and its people.

“Sumitomo Mitsui’s task, together with Standard Chartered Bank, is to make sure that San Miguel has all the support required to get a project of this magnitude and scale done. We look forward to providing our expertise to deliver on this goal,” it said.