San Miguel Corp on Monday secured full Senate approval for its franchise to build and operate an international airport in Bulacan that is tipped to ease congestion at NAIA. The license is good for 50 years.
Its unit, San Miguel AeroCity, will also be exempt from taxes in the first 10 years of construction of the P740-billion project, according to the franchise. The conglomerate controlled by businessman Ramon Ang will be free from paying income and real estate taxes until it "fully recovered its investment cost."
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The grant of a franchise to San Miguel was "a no brainer," said Senate Majority Leader Juan Miguel Zubiri. "We really need this not just today. We needed this yesterday."
Gambling will not be allowed in the vicinity of the airport, said Sen. Richard Gordon.
FROM ESQUIRE PHILIPPINES:
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