BDO Unibank, through its Institutional Banking Group and BDO Capital & Investment Corp., facilitated P80 billion ($1.42 billion) in funding for New NAIA Infrastructure Corp. (NNIC), the group which was awarded the concession to rehabilitate and modernize the Ninoy Aquino International Airport (NAIA).
The consortium, led by San Miguel Holdings Corp., the infrastructure arm of San Miguel Corp., alongside RMM Asian Logistics Inc., RLW Aviation Development Inc. and Incheon International Airport Corp. (IIAC), aims to significantly improve the airport’s efficiency and passenger experience.
SMC, a key member of NNIC, contributes its extensive infrastructure expertise and market leadership, with businesses spanning multiple industries and driving about 6 percent of the Philippines’ gross domestic product (GDP).
Meanwhile, IIAC, a wholly-owned entity of the Korean government and the operator of South Korea’s Incheon airport, one of Asia’s busiest airports, brings global practices in airport management, technology and operational efficiency. Their involvement underscores the confidence of international stakeholders in the Philippines’ economic potential and infrastructure modernization efforts.
BDO’s ability to swiftly mobilize significant capital in a tight timeframe demonstrates its leadership in large scale infrastructure investment. BDO Capital, in collaboration with other investment banks, structured a deal that ensured a seamless funding process for NNIC, overcoming complex market dynamics.
“BDO has been a steadfast partner in infrastructure development, ensuring projects like the NAIA modernization have the necessary financial backing to succeed. This initiative will drive economic growth, improve air mobility, and enhance the Philippines’ position as a regional hub,” said Eduardo Francisco, president of BDO Capital.
“We take pride in supporting transformative projects that create long-term value for businesses and communities. The modernization of NAIA is a milestone in improving air travel efficiency and accessibility for millions of Filipinos,” said Charles Rodriguez, BDO executive vice president and head of Institutional Banking Group.
Angelito Alvarez, NNIC’s general manager, said BDO’s support has been crucial in providing the resources needed to modernize NAIA.
“Their financial expertise strengthens our efforts to transform the airport into a world-class gateway that drives economic growth, improves connectivity, and delivers a seamless travel experience for millions of passengers,” he said.
The NAIA modernization project, awarded before the end of 2024, was one of the administration’s priority undertakings.