Daily TribuneThe P900-billion revenue expected from an improved NAIA is substantially much higher than the P22.05 billion total dividends remitted by MIAA to the government from 2010 to 2023, ‘certainly a welcome development for this long overdue project. NAIA has been operating beyond capacity for nine years, leading to poor service and passenger inconvenience.’
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The government expects to gain revenues amounting to P900 billion from the rehabilitation of the Ninoy Aquino International Airport or NAIA.
The Department of Finance said this will consist of the P30 billion upfront payment, a fixed P2 billion annual payment, and a 82.16 percent national government revenue share that excludes passenger service charges.
The Manila International Airport Authority Board recently awarded the contract for the NAIA rehabilitation to a consortium consisting of San Miguel Holdings Corp., RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp.
Public-private partnership
The P170.6-billion project falls under the public-private partnership mechanism of the government and underwent bidding as part of its solicited proposal.
With this, the DoF said the consortium must fulfill the aforementioned payments during the entire concession period of 15 years with provision for an extension of another 10 years.
The DoF said the P900-billion revenue from improved NAIA is substantially much higher than the P22.05 billion in total dividends remitted by MIAA to the government from 2010 to 2023.
Welcome development
“This is certainly a welcome development for this long overdue project. NAIA has been operating beyond capacity for nine years, leading to poor service and passenger inconvenience,” DoF secretary Ralph Recto said.
The Department of Transportation said the concessionaire will start operating the improved NAIA in three to six months.
The DoF aims to grow national revenues by at least 15 percent starting this year.
