The Philippine government said Friday it had awarded a multi-billion dollar contract to top Filipino conglomerate San Miguel Corp to upgrade Manila international airport - ranked among some of the world's worst airports.

Estimated to cost 170.6 billion pesos ($2.87 billion), the 15-year project will also see San Miguel operate the airport.

"The project is expected to improve passenger experience at the airport, achieve more efficient operations, and expand airport capacity," the transport department said in a statement.

In 2022 and 2023 the oldest of the country's three international passenger terminals was named the world's worst airport by online travel website "The Guide to Sleeping in Airports" based on comfort, convenience, cleanliness and customer service.

A former US air force base until 1948, the airport which was named after opposition leader Benigno "Ninoy" Aquino who was assassinated at the tarmac in 1983, served more than 45 million passengers last year.

San Miguel is also building a 735 billion-peso New Manila International Airport on the north coast of Manila Bay, which will have a capacity to handle 100 million passengers per year.

San Miguel began life more than 130 years ago as a brewery but has since branched out into such areas as petroleum, infrastructure, liquor and food.