San Miguel says NMIA runway still on track for 2028

SAN MIGUEL CORP. (SMC) said the first runway of the New Manila International Airport (NMIA) project in Bulacan remains on track for completion by 2028, although some supporting facilities are expected to be finished later than initially planned.

“We are on track to finish the first runway by 2028. In fact, it can even be earlier,” San Miguel Chairman and Chief Executive Officer Ramon S. Ang said during the company’s annual stockholders’ meeting on Tuesday.

“Right now, the runway is under surcharge of sand, but I believe the first runway will be ready by at least the second quarter of 2028,” he added.

Mr. Ang said construction delays are mainly affecting the passenger terminal and logistics center rather than the runway itself. “The logistics center is on Phase 9, which requires about 7 million cubic meters of sand.”

The logistics center had originally been targeted for completion last year but is now expected to be finished by the end of 2026, Mr. Ang said.

Despite adjustments to some project components, San Miguel said the first runway is still expected to become operational in 2028.

The update came as the group discussed its financial performance and infrastructure expansion during the stockholders’ meeting.

“Across our businesses, these investments are improving efficiency, expanding capacity, strengthening market position and creating new opportunities for growth,” Mr. Ang said.

San Miguel net income reached P94.68 billion in 2025, up from P36.68 billion in the previous year, supported by stronger earnings across its businesses, improved margins and cost discipline. 

Consolidated revenue reached P1.5 trillion, driven by steady contributions from the company’s food, spirits and infrastructure businesses.

San Miguel said gains from these segments helped offset weaker crude oil prices and the deconsolidation of the Ilijan and Excellent Energy Resources, Inc. power facilities.

The company said it remains focused on infrastructure, transportation and energy projects as part of its next growth phase.

“We are now looking to execute our next phase of growth,” Mr. Ang said.

“Energy security, transportation connectivity, food security, and sustainability remain our main priorities while continuing to create long-term value for our shareholders and contribute meaningfully to the nation’s development,” he added.

For the first quarter, San Miguel posted consolidated net income of P22.5 billion, down from P43.4 billion a year earlier.

The decline was mainly due to the absence of a P21.9-billion one-off gain booked in 2025 from the partial sale of power assets, along with foreign exchange losses recognized this year. Despite lower net income, first-quarter revenue rose 19% to P428.3 billion.

San Miguel shares closed unchanged at P67.10 each on the Philippine Stock Exchange. — Alexandria Grace C. Magno