{"id":268004,"date":"2020-09-07T08:00:22","date_gmt":"2020-09-07T12:00:22","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=268004"},"modified":"2020-09-07T08:00:22","modified_gmt":"2020-09-07T12:00:22","slug":"smc-franchise-for-bulacan-airport-gets-final-house-nod","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/09\/07\/smc-franchise-for-bulacan-airport-gets-final-house-nod\/","title":{"rendered":"SMC franchise for Bulacan airport gets final House nod"},"content":{"rendered":"<figure id=\"attachment_238229\" aria-describedby=\"caption-attachment-238229\" style=\"width: 1620px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-238229\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation.jpg\" alt=\"\" width=\"1620\" height=\"1080\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation.jpg 1620w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation-300x200.jpg 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation-768x512.jpg 768w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/11\/1620px-San_Miguel_Corporation-1024x683.jpg 1024w\" sizes=\"auto, (max-width: 1620px) 100vw, 1620px\" \/><\/a><figcaption id=\"caption-attachment-238229\" class=\"wp-caption-text\">FILE: San Miguel Corporation Headquarters at Ortigas Center, Pasig City (<a href=\"https:\/\/commons.wikimedia.org\/w\/index.php?curid=21557138\">Photo By Elmer B. Domingo\/Wikimedia Commons, CC BY-SA 3.0<\/a>)<\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0\u2013 The House of Representatives on Monday approved on third and final reading a measure granting congressional franchise to conglomerate San Miguel Corp. (SMC) to build and operate an international airport in Bulacan.<\/p>\n<p>With 218 affirmative votes, six negative votes, and two abstentions, the lower chamber approved House Bill 7507, which grants SMC subsidiary, San Miguel Aerocity, Inc., a franchise to establish a domestic and international airport in the municipality of Bulakan, Bulacan and develop an adjacent airport city.<\/p>\n<p>Under the bill, the franchise shall be in effect for 50 years, inclusive of the 10-year maximum period for the construction of the airport and the Airport City.<\/p>\n<p>During the 10-year construction period, the grantee shall be exempt from any and all direct and indirect taxes, including income taxes, value-added taxes, percentage taxes, customs duties and tariffs, business taxes, franchise taxes, and supervision fees.<\/p>\n<p>Under the profit-sharing agreement in the franchise bill, the grantee shall be entitled to generate income from the Airport City equivalent to a project Internal Rate of Return (IRR) of 12 percent per annum.<\/p>\n<p>Any amount in excess of the 12 percent IRR of the Airport City shall be remitted to the national government.<\/p>\n<p>Albay Rep. Joey Salceda, chairman of the House Ways and Means Committee, said the project would be beneficial with the PHP740-billion infrastructure investment that \u201ccome(s) entirely out of the private sector\u2019s hands\u201d.<\/p>\n<p>\u201cThis is probably the biggest single-item investment in the country\u2019s history. San Miguel is a Filipino company that has kept nearly all of its money here, to develop this country,\u201d Salceda said. \u201cThey are doubling down on their commitment to Philippine development with this investment. I want the airport to happen on fair and equitable terms.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0\u2013 The House of Representatives on Monday approved on third and final reading a measure granting congressional franchise to conglomerate &hellip;<\/p>\n","protected":false},"author":33,"featured_media":238229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,95],"tags":[],"class_list":["post-268004","post","type-post","status-publish","format-standard","has-post-thumbnail","category-news","category-news-ph","mauthors-filane-mikee-cervantes","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=268004"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268004\/revisions"}],"predecessor-version":[{"id":268005,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/268004\/revisions\/268005"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/238229"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=268004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=268004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=268004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}