The Philippines on Wednesday approved a plan to build a new airport near Manila, in a bid to ease congestion with the capital's existing airport operating at full capacity.
Philippine conglomerate San Miguel will build the airport in Bulakan town, north of Manila Bay, that will feature four parallel runways and serve 100-200 million passengers a year, a government statement said.
"This new international airport is important in helping ease the congestion of the Ninoy Aquino International Airport (in Manila)," Transportation Secretary Arthur Tugade said in the statement.
San Miguel, which was the only company to bid for the project, will have to break ground on the $14 billion project before the end of the year and open for business no later than 2025, the statement said.
The company has said it plans to run the airport, which would be the biggest infrastructure project under President Rodrigo Duterte's government, after obtaining a government concession.
The existing Manila airport, which has two runways, handled nearly 260,000 flights and served 45 million passengers last year, according to its website.
The announcement came after the close of trade in Manila. Shares in San Miguel rose 1.19 percent to end at 178.00 pesos ($3.50).
Follow Emirates 24|7 on Google News.