The Bases Conversion and Development Authority (BCDA) has officially provided the Manila International Airport Authority (MIAA) an option to decide whether to buy or rent the 61-hectare Ninoy Aquino International Airport (NAIA) Terminal 3.

This development came after BCDA President and CEO Engr. Joshua Bingcang and MIAA General Manager Eric Jose Castro Ines sealed on Tuesday a memorandum of agreement (MOA) for the disposition of the NAIA Terminal 3 property, which is valued at P48 billion.

The new agreement follows the expiration of a 25-year lease in 2024.

Based on the revised terms, BCDA secured a higher annual lease payment of P489 million, an increase from the previous P180 million.

"The MOA also grants MIAA a three-year option to either purchase the property for P48.89 billion or continue leasing it from BCDA," the BCDA posted on Meta (Facebook) on Tuesday.

The BCDA said acquiring the property would enable MIAA, the contracting party, to gain full ownership of the land and infrastructure, permitting substantial investments in the airport’s development, modernization, and expansion.

This would ultimately enhance its capacity to accommodate the growing demands of both domestic and international air travel.

Present during the signing ceremony were BCDA Chairperson Atty. Hilario Paredes, BCDA Executive VP Atty. Gisela Kalalo, Director Marvin Ponce de Leon, and MIAA Senior Assistant General Manager Ma. Lourdes Reyes.

NAIA, the country’s main gateway, is now operated and maintained by the San Miguel Corporation-led New NAIA Infrastructure Corp. following a takeover in September 2024.

The 15-year undertaking (renewable for 10 more years) is aimed at transforming NAIA into a world-class airport.

Earlier, the MIAA said they are expecting a 20 to 30 percent increase in passenger volume as more foreign airlines express interest in operating at the premier gateway.

Ines disclosed that four million passengers traveled through NAIA in January and February, with 2024's total expected to surpass last year's 50.1 million passengers, further rising towards the Holy Week break (17-20 April).