RA11506: AN ACT GRANTING SAN MIGUEL AEROCITY INC. A FRANCHISE TO CONSTRUCT, DEVELOP, ESTABLISH, OPERATE, AND MAINTAIN A DOMESTIC AND INTERNATIONAL AIRPORT IN THE MUNICIPALITY OF BULAKAN, PROVINCE OF BULACAN, AND TO CONSTRUCT, DEVELOP, ESTABLISH, OPERATE, AND MAINT
This Act grants San Miguel Aerocity Inc. a 50-year franchise to construct, develop, establish, operate, and maintain a domestic and international airport in Barangays Taliptip and Bambang in Bulakan, Bulacan, along with an adjacent "Airport City". This significant infrastructure project is expected to bring substantial economic and social development to the area, creating jobs and attracting investments. The franchise also allows the grantee to operate essential support facilities like toll roads, railroads, mass transport systems, hotels, and warehouses, creating an integrated economic zone around the airport.
The Act includes provisions for tax exemptions during the ten-year construction period and a revenue-sharing mechanism with the government after the investment cost is recovered, aiming to balance private sector profitability with public benefit. It also requires the grantee to offer at least 20% of its outstanding capital stock in a Philippine securities exchange within five years of investment recovery, promoting public participation. By establishing a major aviation hub and a supporting urban center, this law is set to transform the regional landscape, enhance connectivity, and stimulate economic activity, with considerable long-term implications for local residents and the national economy.