; . .,.:j;:{r;i;;bi.#tgft$*.{i*nrhfrSs;r;rjff:{iln: billion for the F?35-billion New Manila International Airport (NMIA) project. TEryEINANCE Secretary Sonny Dominguez's initial concerns includes Eoominguez did the c"ountry a I*d[ the financial capability of the proponent f, X favor scrutinizing San Miguel to which he himself offered a solution; the -&- Holdings Corp.'s (SMHC) Bu- effebt ofthe project on iraffic in the area lacan Airport projept. He explained in and any additional infrastructure that Senate hearing September last year that need to be built to avoid congestion; and the DOF had backed rather than blocked its effect on the real estate vilue of New $_MHC's unsolicited proposal to build a Clark City in Central Luzoh, funded with new international airport in Buiacan. The government money. 'DOF support and the National Economic Dominguez worries that an airport and Development Authority (NEDA) ap- in Bulhcan would create added finaneial proval set in motion the Swiss Challengd burden on future generations since the jn April this year. government has comnlitted there would Dominguez suggested that the DOT? be no other competing airports to ensure 'executes a joint and several liability agree- .the profi tability of concessionaires, similar ments that would have SMC a deeper to the Cebu-Mactan international airport capital base as SMHC stands behind ihe scheme. project. If the income is not as predicted, the ,' !M_HC's total equit5z in 2016 was'only government would need to reimburse F60 billion, deemed insufficient given that them for both the market value of infra- the usual financing mix of ?0 percent debt structure assets and all future profits of qnd 30 percent equity for a public-private the commercial business. Partnership (PPP) project would require However, the Alliance of Concerned the company to shell out at least FZOO Teachers (ACT) party-list Rep. Antonio Tinio pointed out that Ang has strategic interests in power, transportation, infrastructure, agriculture,, among others, that all need to be protected. He pointed out that speaker-aspirant Rep. Lord Allan Velasco is "closely associated" with Ramon Ang. A speaker indebted to Ang would have to com- promise his principles and shields Airg's businesses from the government's claims and regulations.