The approval comes after over a year of rigorous review of the project’s long-term environmental and social impact mitigation measures to ensure that the multi-billion project is done with sustainability in mind and aligned with the country’s climate ambitions.

The Dutch government, represented by Atradius Dutch State Business (DSB), extended the ECI to Royal Boskalis Westminster N.V., to cover its 1.5 billion Euro contract for land development works at the airport project site in Bulakan, Bulacan.

The NMIA project is the largest in Boskalis’ over 100-year history, and is also the largest export credit agency (ECA) insurance policy granted in the 90-year history of Atradius.

SMC President and Chief Executive Officer Ramon S. Ang thanked the Dutch government for its support to NMIA, a project seen to catalyze sustainable economic growth for the Philippines, especially post-pandemic. It is seen to deliver over a million jobs to Filipinos.

“This is a significant milestone not only for San Miguel and the NMIA project, but for the entire country. With this, we are closer to our dream of having a world-class, future-ready, and sustainably-built international gateway, proudly built by Filipinos for the Philippines. This also validates our work with Boskalis to ensure that this project is done right, and will provide long-term economic, environmental, and social benefits to our host communities and Bulacan province,” Ang said.

In a statement posted on Boskalis’ international website, its CEO Peter Berdowski, said: “I am very pleased that all the hard work with a large team of experts has been successfully completed (today). For more than a year, we have worked intensively with Atradius DSB to ensure that the construction of the new airport will take place in a socially responsible manner.”

He added: “In collaboration with Atradius DSB, the Dutch embassy, we succeeded in developing a broadly supported plan with an eye for the local community and the preservation of biodiversity. I would like to thank all those involved for their contribution to the positive decision of the State.”

In the same statement, Atradius DSB Managing Director Bert Bruning said: “This project is unique on so many levels. Firstly, of course, as a very important contract for our client Boskalis, but also for us, as the largest ECA policy in our 90-year history,” he said.

“In addition, I am proud of the fact that together with Boskalis and San Miguel, by keeping up the dialogue, we were able to ensure that the project is to meet international standards in the field of environmental and social conditions. In doing so, we have not only contributed to making this wonderful contract possible built also really made a difference together for the local communities and nature.”

As part of the ECI process, a large group of experts from San Miguel, together with Boskalis and four renowned consultancy firms, conducted an extensive environmental and social impact assessment in accordance with the highest international standards.

This process also included the conduct of impact analyses and compensation packages for adverse effects of the project.

“This shows that the airport project and our environmental and social mitigation plans are not only sound, but robust and strong, given they can pass not only international standards but the exacting requirements of the Dutch government. It is another testament to the ability of Filipinos to be world-class,” Ang said.

“We will continue to work with Atradius, the banks, experts, national and local government, and all stakeholders to ensure we will build this project in a sustainable manner and in compliance with the highest international environment and social standards,” Ang reaffirmed. added.

The airport project will feature four parallel runways, a world-class terminal, and a modern and interlinked infrastructure network that includes expressways and railways.