President Ferdinand Marcos Jr. on Monday said that rehabilitating the Ninoy Aquino International Airport (NAIA) will not only help boost the government's revenues but also make visitors' lives easier.

During the ceremonial signing of what he called a "fairly major catch-up plan" in Malacañan, Marcos Jr. lauded the signing of the P170.6-billion public-private partnership (PPP) modernization agreement for the rehabilitation of NAIA.

"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,'' Marcos said in his speech.

Marcos Jr. also acknowledged the long-standing issues that have plagued the airport for nearly a decade.

Highlighting the critical need for action, Marcos Jr. emphasized that the problems faced by the airport extend far beyond its physical infrastructure, encompassing various operational and logistical challenges that have adversely impacted passengers and the economy alike.

"The main cause of the Manila International Airport’s woes is no secret. It’s been operating beyond capacity for many years now, almost a decade," Marcos Jr. said.

He stressed the necessity for a holistic approach to address the airport's deficiencies, encompassing the rehabilitation of passenger terminals, airside facilities, commercial assets, utility systems, and the provision of inter-modal transport facilities.

He underscored the importance of prioritizing passenger comfort and experience in the airport's resurgence, emphasizing that the project represents an investment in the country's future rather than solely a boost to government coffers.

The ambitious overhaul plan, to be executed through a Public-Private Partnership (PPP) Project, aims to significantly enhance the airport's capacity, with annual passenger capacity set to nearly double from 35 million to 62 million.

The initiative is projected to yield around P900 billion in revenue for the national government over the course of its 25-year concession, equating to an annual sum of about P36 billion. This infusion of funds will enable the government to allocate resources towards various social and infrastructure initiatives.

Additionally, President Marcos highlighted that the PPP is anticipated to attract approximately P88 billion in capital investment within the initial six years of its operation, a figure exceeding eight times the capital investment allocated to the Manila International Airport since 2010.

Furthermore, the private sector is expected to remit approximately P1.052 trillion to the government over the span of 15 years, with an additional 10-year period thereafter.

Marcos Jr. also acknowledged the tarnished reputation of the airport, attributing its decline not only to negative press but also to its tangible state of disrepair.

"The gateway that should be the red carpet to our country has become a dirty rug that unfairly defined a visitor’s first impression," Marcos said.

He highlighted the economic repercussions of the airport's shortcomings, citing delayed and reduced flights resulting in diminished visitor arrivals and substantial losses in tourism revenue.

"It also affects our economy greatly," President Marcos emphasized. "The postponed improvement of the airport has resulted in delayed and reduced number of flights."

He underscored the pivotal role of the airport as the primary entry point for tourists, stressing the urgency of rectifying its deficiencies to bolster the nation's tourism industry and overall economic prosperity.