The Incheon International Airport Corp. (IIAC) will work together with Filipino multinational company San Miguel Corp. on developing the Philippines’ new airport near Manila.

IIAC said Sunday that it has entered into the memorandum of understanding with San Miguel Corp, the Philippines’ largest company to cooperate on developing a new international airport in Bulacan province, about 40 kilometers northwest from Manila.

San Miguel currently is waiting for the Filipino government’s final awarding of the new airport project worth about 17.5 trillion won ($15.5 billion). In April, it gained an approval on its unsolicited proposal of opening a new airport, dubbed New Manila International Airport that it submitted in 2016. Once awarded, San Miguel will be given the rights to build and operate the new Manila airport for 50 years. The company plans to set up the new airport with as many as four parallel runways to serve over 100 million passengers yearly.

The Philippines’ capital Manila already has a main air gateway Manila Ninoy Aquino International Airport but it already has reached its saturation point. Last year, a total of 42 million people traveled through the airport, exceeding its annual service capacity of 31 million.

IIAC said the New Manila International Airport will be constructed on reclaimed land just like the Incheon International Airport itself, allowing it to share its experience on constructing and operating the airport with San Miguel. It plans to work with the Filipino primarily on operating the new airport.

By Ji Hong-goo and Cho Jeehyun

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