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SM Group joins second Manila airport consortium

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Ninoy Aquino International Airport is already operating well beyond capacity, but possible replacements are still only at the scrutiny stage.   © Reuters

MANILA -- The richest family in the Philippines has joined a consortium proposing a massive reclamation project to replace Ninoy Aquino International Airport, the country's hopelessly congested main gateway.

Belle Corporation, a leisure and gaming company belonging to the Sy family, which owns SM Investments, signed a shareholder agreement on Saturday with All-Asia Resources & Reclamation Corporation (ARRC) for the Philippine Global Gateway Project.

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