President Marcos lauded the signing of the rehabilitation agreement for the Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP) on Monday.
During the signing ceremony in Malacañang, the President said in his speech NAIA badly needed rehabilitation, citing the “poor state” of the country’s main international airport.
“The reputation of this airport has been shredded, and let us be frank about it, not by bad press, but by its actual poor state,” President Marcos said.
“Kaya’t mabuti na, kailangan na kailangan na natin ayusin ito (So, it’s really important that we fix this now),” he added.
The rehabilitation project, which the San Miguel Corporation (SMC) consortium won after a bidding process, has an estimated cost of around P170.6 billion.
The President pointed out various things such as political turbulence, and inaction among others that halted NAIA’s rehabilitation, citing the nation has paid a heavy price for these acts.
“The postponed improvement of the airport has resulted in delayed and reduced number of flights,” according to the president.
“So, due to insufficient flights, visitor arrivals have suffered, denying our economy billions in tourism receipts,” he added.
President Marcos said the refurbished airport would further boost the economy, citing the expected increase in the number of travelers from 35 million to 62 million passengers.
“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,” he said.
“The PPP Project will ramp up annual passenger capacity from 35 million passengers per year to almost double, 62 million passengers a year,” he added.
He further stated the project would mobilize approximately P88 billion in capital investments in its first six years of operation.
“This is more than eight times the disbursed capital investments for the Manila International Airport since 2010,” Mr. Marcos said.
According to the President, the private sector will pay an estimated P1.052 trillion over the next 10 to 15 years for Manila International Airport’s rehabilitation and expansion. It not only highlights a crucial partnership with the government, but also injects substantial capital into the country’s infrastructure.
The proposed rehab plan will cover the entirety of airport infrastructure, including runways, terminals, and ancillary facilities, which are aimed at elevating the overall passenger experience and service standards inside NAIA.
Transportation Secretary Jaime Bautista, Manila International Airport Authority (MIAA) General Manager Eric Ines, and SMC President and CEO Ramon Ang signed the agreement in a ceremony held at the Palace.
Also in attendance to witness the signing were Senate President Juan Miguel Zubiri, Speaker Martin Romualdez, and other high-ranking government officials.