President Ferdinand Marcos Jr. oversaw the signing of a public-private partnership (PPP) agreement for the rehabilitation of the Ninoy Aquino International Airport (Naia) on Monday. The ceremony took place at the Malacañan Palace and was attended by government officials and representatives from San Miguel Corp. (SMC).
During his speech at the event, Marcos emphasized the need for a major overhaul of the airport, acknowledging its poor state. The SMC consortium emerged as the winner of the bid for the project, which is estimated to cost P170.6 billion. The consortium proposed a revenue share of 82.16 percent with the government.
The approval of this PPP proposal is considered the fastest in the country’s history, according to Marcos. The Naia upgrade project includes the rehabilitation of passenger terminals, airside facilities, and the provision of intermodal transfer facilities at the airport terminals.
Transportation Secretary Jaime Bautista expressed optimism that the consortium led by SMC would enhance passenger experience by 2025. The group’s concession period is set at 15 years, with a possible extension of another 10 years based on performance evaluations.
