BCDA, MIAA sign lease, sale deal for Naia terminal 3 property
The Bases Conversion and Development Authority (BCDA) has signed a new lease and sale agreement with the Manila International Airport Authority (MIAA) covering the 61-hectare Ninoy Aquino International Airport (Naia) Terminal 3 property.
The new memorandum of agreement (MOA) was forged following the expiration in 2024 of the 25-year lease governing the P49-billion property, said the BCDA in a statement on Tuesday.
Under the revised terms, BCDA said it had secured a significantly higher annual lease payment of P489 million, a substantial increase from the previous P180 million.
The MOA also provides MIAA three years to decide whether to purchase the property for P48.89 billion or continue leasing it from BCDA.
“Acquiring the property would grant MIAA full ownership of the land and infrastructure, paving the way for significant investments in the airport’s development, modernization and expansion,” the BCDA said in a statement.
“These improvements are expected to enhance Naia Terminal 3’s capacity to meet the increasing demands of both domestic and international air travel,” it added.
Airport privatization
In October last year, BCDA president and chief executive officer Joshua Bingcang said that they had already reached a similar deal with the Department of Transportation (DOTr), the parent agency of MIAA.
Months earlier, in February, the DOTr announced that a consortium led by the San Miguel Group had won the government contract to rehabilitate Naia.
In recent years, the airport has been labeled as one of the worst in the world.
By mid-September, the New Naia Infrastructure Corp. took over the operation and maintenance of Naia.
This marked the start of a 15-year initiative to transform the country’s main gateway into a world-class airport.
According to the DOTr, an estimated 50 million passengers pass through Naia each year, a number is expected to nearly double to 90 million by 2030.
