The firm’s president Ramon Ang, is reported by Bloomberg and Reuters yesterday, as saying his firm is to present a report next month detailing an alternative international airport.
San Miguel is reportedly set to propose an 800-hectare facility over a five-year period, and may also invite partners for the development.
The group, which also owns a portion of the country's flagship carrier Philippine Airlines, announced in 2012 its intention to build a new facility to replace the airport currently in use.
But it delayed the plan pending questions on state policy on airline companies operating airports.
The news comes on the back of the Philippine government revealing plans to upgrade 12 airports including building a new terminal at Manila's ageing, Ninoy Aquino International Airport.
Traffic exceeded capacity in 2013, when it handled about 30mppa at its three terminals, which have a combined capacity of 28mppa.
Airport development in the Philippines, is part of a strategy to attract 10 million foreign tourists by 2016, and help fuel one of Asia's fastest growing economies.