The Market Monitor Minding the Nation's Business
Asian conglomerate San Miguel Corp. (SMC) officially inaugurated its 7.7-km elevated NAIA Expressway Phase II project (NAIAx), which is currently providing ease of access to and from the country’s busiest gateway, during a late night ceremony onsite that saw the government’s economic managers touting its thrust to further build on the country’s gains via its “Build, Build, Build” program.
The NAIAx is among the infrastructure projects cited by the government as vital to decongesting Metro Manila roads. SMC, through its Vertex Tollways Development, Inc., won the contract in 2013 to construct and operate the expressway.
It provides over 80,000 motorists a day a convenient and direct access to NAIA airport terminals 1,2 and 3 from the Skyway, Manila-Cavite Expressway (CAVITEx) and other major roads with its 14 on and off ramps.
“I am very proud to say that over the last seven years, our company has become one of the most active players in the Philippine infrastructure sector. In 2013, we offered an upfront cash of P11 billion to the government on top of construction cost of P15 billion for this project,” SMC president Ramon Ang said.
“That’s a lot of money and, by our estimate, we expect to recover our investment in about 20 years. But we wanted to do this to help and do our share in nation-building,” Ang said.
He added that “at San Miguel, we see to it that we balance our responsibility to the broader society and our commitment to the company’s shareholders. That’s why we make sure that we take on projects that will not only build San Miguel for long-term success but also help create a better world for the next generation.”
The NAIAx project has already significantly reduced average travel time between the Skyway and Terminal 1 to eight minutes from more than 25 minutes.
The traffic improvement was even more evident during the 30th Asean Summit in Manila held in Manila last April and attended by leaders and delegates from the 10 Asean members.
Ang said the project is one of the many that the company considers as an opportunity to participate in the country’s growth.
