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MANILA – The Philippines on Wednesday approved a plan to build a new airport near Manila, in a bid to ease congestion with the capital’s existing airport operating at full capacity.
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Philippine conglomerate San Miguel will build the airport in Bulakan town, north of Manila Bay, that will feature four parallel runways and serve 100-200 million passengers a year, a government statement said.
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“This new international airport is important in helping ease the congestion of the Ninoy Aquino International Airport (in Manila),” Transportation Secretary Arthur Tugade said in the statement.
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$14billion
project cost of a Manila airport to be built by San Miguel in Bulakan province, north of the capital.###
San Miguel, which was the only company to bid for the project, will have to break ground on the $14 billion project before the end of the year and open for business no later than 2025, the statement said.
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The company has said it plans to run the airport — which would be the biggest infrastructure project under President Rodrigo Duterte’s government, after obtaining a government concession.
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The existing Manila airport, which has two runways, handled nearly 260,000 flights and served 45 million passengers last year, according to its website.
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The announcement came after the close of trade in Manila. Shares in San Miguel rose 1.19 percent to end at 178.00 pesos ($3.50).
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The Morning and Evening Brief###
The Morning and Evening Brief