MANILA - San Miguel Corp said Tuesday the House of Representatives has approved the 2 bills for its new airport project in Bulacan defining its franchise period and tax exemptions.
House Bill 7507 granted San Miguel Aerocity Inc a franchise to construct, operate and manage the New Manila International Airport in Bulacan for 50 years inclusive of a 10-year period for design, planning and construction, its parent SMC told the stock exchange.
House Bill 7241 was also approved by the House Ways and Means Committee which granted the unit "an exemption from taxes during such ten (10) year period," SMC said.
Its franchise was approved on its third and final reading with lawmakers voting 218-6-2. Aside from the 50-year concession deal, the franchise will also allow SMC to develop an adjacent airport city.
House Committee on Ways and Means chairman and Albay Rep. Joey Salceda earlier said he pushed for “fairer” tax incentives in the franchise bill to maximize government gains in the project.
The House Committees on Ways and Means and Economic Affairs earlier approved a substitute bill creating the Bulacan Airport City Special Economic Zone and Freeport in the proposed airport complex.
The new P740-billion international airport has a capacity of 100 million passengers every year, San Miguel earlier said.
San Miguel earlier said the project could generate "over a million" direct and indirect jobs.