The Finance department is not standing in the way of San Miguel Corp.’s (SMC) P735-billion Bulacan airport project but the conglomerate must guarantee the work to be done by unit San Miguel Holdings Corp. (SMHC), a Cabinet official said. Dominguez, however, said his department had suggested that the Department of Transportation require that both SMC and SMHC execute a joint and several liability agreement. Will the project change the alignment of the proposed rail system to Clark?,” he added. San Miguel, for its part, said it agreed to comply with the Finance department’s demands. The company also assured that a joint and several liability undertaking meant that its financial capability would back the SMHC project.

Source: Manila Times September 10, 2018 16:18 UTC