THE Mega-Bulacan Airport project named as the New Manila International Airport (NMIA) franchise was granted for its construction under the Republic Act 11506 is fully enacted.
Based on the document sent by Representative Jose Antonio Sy-Alvarado of the First District of Bulacan, a 50-year franchise is granted to San Miguel Aerocity Inc. which is the concessionaire in the construction and operation of the said airport.
According to his draft House Bill 7507, the franchise includes a 10-year extension to complete the construction of the NMIA and begin the operations on the 2,500 land-hectares in the town of Bulakan, Bulacan adjacent to Manila Bay.
The Civil Aviation Authority of the Philippines (CAAP) is also ordered to issue an operating permit within one year after construction is completed.
During the said 10 years, the national government will provide concessionaires with various tax incentives and exemptions such as income taxes, value added taxes, percentage taxes, excise taxes, documentary stamp taxes, customs duties and tariffs, taxes on real estates, buildings and personal property, business taxes, franchises taxes, supervision fees, levied as well as taxes levied by local governments.
The said franchise obliges San Miguel Aerocity Inc. to pay the national government a 12% Internal Rate of Return of the NMIA.
This means that the national government will have a share in the earnings of NMIA operations above the 12% profit margin and 14% of all earnings. This is also the provision in the version of Senate Bill 1823 written by Senator Juan Miguel F. Zubiri.
In this regard, in a statement by Eduardo Raoul C. Romulo, chief financial officer and treasury head of San Miguel Holdings Corporation, its construction is expected to be completed between years 2025 and 2026.
An estimated 30 million new jobs will be generated specifically in the field of tourism.
The total cost of the project is P735.6 billion which includes the construction of an 8-kilometer elevated expressway from the North Luzon Expressway (NLEX) in the Marilao section to barangay Taliptip in Bulakan.
Meanwhile, in addition to the 8-kilometer NMIA Expressway from NLEX, the concessionaire will have 21 more expressways to and from NMIA.
These include the Skyway Stage 3 extension from Balintawak to Bulacan, Bulacan-Bataan Airport Expressway (BBEX), Bulacan-Tarlac Airport Expressway segment 1 and segment 2, NMIA-MRT 7 Expressway from Balagtas to Bulacan and other expressway extension projects from Metro Manila to NMIA in Bulakan town.