Speaker Ferdinand Martin Romualdez on Monday welcomed the signing of the landmark P170.6 billion Public-Private Partnership (PPP) concession agreement aimed at the comprehensive rehabilitation and operation of the Ninoy Aquino International Airport (NAIA).
Romualdez joined President Marcos and Executive Secretary Lucas Bersamin in witnessing San Miguel Corporation (SMC) President and CEO Ramon Ang, Transportation Secretary Jaime Bautista, and Manila International Airport Authority (MIAA) General Manager Eric Jose Ines sign the agreement in Malacañang.
He commended the collaborative efforts between the Marcos administration and private sector stakeholders in advancing the vital project, meant to bring about substantial improvements in airport facilities and services.
“This momentous occasion signals a new era of progress and efficiency for NAIA,” Romualdez said.
The Speaker emphasized the importance of the PPP project in addressing longstanding challenges and bottlenecks that have hampered the airport’s capacity to meet the increasing demands of domestic and international travelers.
He underscored the potential of the project to elevate NAIA to world-class standards, enhancing its competitiveness and positioning it as a premier gateway to the Philippines.
“The revitalization of NAIA also promises broader economic benefits for our country and our people, including job creation, increased tourism, and greater connectivity with global markets,” Romualdez pointed out.
Romualdez vowed the support of the House to ensure the successful implementation of the transformative project.
“We remain committed to working closely with all stakeholders to overcome challenges, uphold transparency, and deliver tangible benefits to the Filipino people,” he said.
SMC-SAP & Co. Consortium, composed of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp bagged the P170.6 billion PPP project by offering the biggest revenue share of 82.16 percent to the government.
As the winner, the SMC-led group is expected to improve the NAIA complex, including facilities such as the runway, taxiway, ramp areas, and firefighting facility. It is also expected to increase the airport’s current annual passenger capacity from 32 million to 60 million.
According to the MIAA, the turnover to the new operator will be by the second half of 2024. The private operator’s contract initially covers 15 years and could be extended by 10 years.
MIAA will govern the private operator, set the standards, and monitor key performances and service levels of the private proponent.
The PPP deal is projected to generate around P900 billion in revenues for the national government in a 15-year concession period, with a provision for an extension of another 10 years.