The Philippines will soon have a world-class gateway that it can truly be proud of. Dubbed as a ‘Game Changer’, The New Manila International Airport (also known as Bulacan International Airport) is a 2,500-hectare project that will rise in Bulakan, Bulacan, around 30 kilometers Northeast of Metro Manila.
The airport project is worth a total of PHP 735.6-Billion and would have four parallel runways (expandable to six runways) with a designed capacity of 100 million passengers annually, three times that of Ninoy Aquino International Airport. To put this into scale, the project is expected to be larger than the entire city of Marikina (2,150 hectares). The DOTr says the new airport will also include the construction of an 8.4-kilometer tollway that will connect it to the North Luzon Expressway (NLEX) in Marilao, Bulacan.
The development of the project was awarded to a private proponent, San Miguel Corporation. It was slated for groundbreaking last December 2019 or January 2020, but due to some reasons, it was faced with some delays. Eventually, the Department of Transportation gave its go signal to start the construction last February 2020.
THE TAKEAWAYS
New Manila International Airport is expected to decongest traffic not only in Ninoy Aquino International Airport (NAIA) but also within Metro Manila in general. San Miguel Corporation (SMC) President Ramon S. Ang stated that the project would not only provide convenient travel but would also solve the perennial flood problem in parts of Bulacan as a flood barrier and spillway would also be constructed. Officials from the Government and the San Miguel Corporation believe that the New Manila International Airport will attract foreign investment and millions of tourists annually, which could bring “an unprecedented level of growth” not only to Bulacan’s local economy but to the entire country.
The construction of the airport would bring several jobs and business opportunities to the province of Bulacan. Ramon S. Ang estimated the initial number of workers needed for the airport’s construction is at least 200,000. He also said in a statement that, “This project will generate over a million direct and indirect jobs, improving the quality of life of many families and giving rise to small industries in Bulacan and neighboring provinces, that will support its workers,”.
Along with the rise of the New Manila International Airport, a new Urban Center is also expected to eventually evolve nearby. It comes as no surprise that property values of abandoned farms and fishponds in Bulakan, Bulacan have increased since the announcement of the airport project. According to some residents in the area, Real Estate Brokers have already offered to buy lands outside the 2,500-hectare project site for as much as P15,000 per square meter.
With all the major changes and benefits that the airport will bring our country once it becomes operational, New Manila International Airport is indeed a ‘Game Changer’.
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Aviso Valuation and Advisory Corp. is a real estate consultancy firm that offers valuation and business advisory services compliant to international standards such as the International Valuation Standards (IVS) and International Financial Reporting Standards (IFRS). To assure that we only produce high-quality deliverables, as needed, we do tasks beyond the usual appraisal process like verifying pertinent property documents (i.e. land titles, tax declarations, etc.) with the appropriate government agencies for due diligence purposes prior the acquisition of the properties.
