PRESIDENT FERDINAND R. Marcos Jr. on Monday lauded the signing of the PHP170.6-billion public-private partnership (PPP) modernization agreement for the rehabilitation of the Ninoy Aquino International Airport (NAIA), and called it "an investment in our future."
“This undertaking is not just about revenues that will be remitted to treasury alone, but resources invested in the airport and in many ways, it is an investment in our future,'' Marcos said after witnessing the signing ceremony in Malacañang for the largest solicited PPP project under his administration.
The President also noted that the modernization of NAIA will not only lead to additional revenue for the government but will also provide convenience to passengers by increasing the facility's current passenger capacity from 35 million a year to 62 million annually.
He also called on the consortium to “fulfill its commitment to this PPP project.”
The agreement, signed by Department of Transportation (DOTr) Secretary Jaime Bautista, Manila International Airport Authority General Manager Eric Ines, and San Miguel Corporation (SMC) President and Chief Executive Officer Ramon Ang, initially covers 15 years and could be extended by 10 years.
The consortium is composed of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp.
It bagged the contract to rehabilitate, operate, and maintain the country’s main gateway by offering the biggest revenue share of 82.16 percent to the government.
According to the DOTr, once the NAIA modernization is complete, its runway capacity will increase by at least 48 air traffic movements at the peak hourly rate.
Additionally, the project is expected to generate PHP900 billion of earnings for the national government or about PHP36 billion annually throughout its full 25-year concession period. (Darryl John Esguerra)
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