The government has secured P48 billion for infrastructure development after the Bases Conversion and Development Authority (BCDA) finalized the transfer of the 61-hectare property occupied by Ninoy Aquino International Airport (NAIA) Terminal 3 to the Manila International Airport Authority (MIAA).

The agreement, signed on Wednesday, gives MIAA ownership of the Pasay City property, allowing the airport authority to pursue long-term modernization and expansion plans for the country’s main international gateway while providing BCDA with funds for national development projects.

Under the deal, MIAA will pay BCDA P48 billion, including an initial P10-billion down payment, with the remaining balance to be settled through semi-annual installments over 15 years.

BCDA President and Chief Executive Officer Joshua Bingcang said the transaction ensures that the property is managed by the agency best equipped to maximize its value while generating resources for public infrastructure.

“This agreement is the result of years of careful work to ensure that the Filipino people receive the greatest possible value from this public asset,” Bingcang said.

“It ensures that the property is placed in the hands of the agency best positioned to maximize its value, while generating revenues that can support public services and infrastructure. This is a practical, forward-looking solution that delivers benefits both today and for future generations,” he added.

For MIAA, the acquisition resolves a long-standing ownership issue and strengthens its ability to undertake major investments at Terminal 3 as passenger traffic continues to grow.

“By securing ownership of the Terminal 3 property, MIAA strengthens its stewardship of a strategic government asset and reinforces its ability to support the long-term development of the country’s premier gateway. This acquisition provides greater certainty for long-term planning, sound asset management, and the continued advancement of Philippine aviation,” said MIAA General Manager Eric Jose Ines.

Ines said the acquisition complements the ongoing public-private partnership program at NAIA and reinforces the agency’s responsibility to oversee the airport’s future development.

“As we continue to strengthen our role as a regulatory and oversight institution, securing ownership of the Terminal 3 property further reinforces our responsibility as steward of the country’s premier gateway and supports our commitment to ensuring the long-term sustainability and development of this strategic asset,” he said.

NAIA handled 27 million passengers in 2025, highlighting the need for continued upgrades and capacity expansion to support increasing demand for air travel.

BCDA said proceeds from the transaction will help fund infrastructure projects and economic development initiatives, including investments across its economic zones and growth centers nationwide.