PHILIPPINES. The Manila International Airport Consortium (MIAC) recently presented its Ps267 million (US$4.8 billion) masterplan to modernise Ninoy Aquino International Airport (NAIA).
According to reports by various local news outlets, the highly ambitious development plan aims to more than double the capacity of the airport from 31 million passengers a year to 70 million passengers by 2048.
The consortium is composed of large Philippines’ conglomerates including Aboitiz InfraCapital Inc., AC Infrastructure Holdings Corp., Asia’s Emerging Dragon Corp., Alliance Global-Infracorp Development Inc., Filinvest Development Corp. and JG Summit Infrastructure Holdings Corp.
The plan was submitted to the government through the Department of Transportation and the Manila International Airport Authority, which announced a Ps141 billion (US$2.5 billion) solicited proposal to upgrade Manila’s main travel hub.
The MIAC plans to spend Ps211 billion (US$3.7 billion) in capital investments, Ps57 billion (US$1.025 billion) of which will be earmarked for capital rehabilitation over the first five years, with the remaining Ps154 billion (US$2.7 billion) to be invested throughout the remaining 25-year concession period.
It also includes a Ps57 billion (US$1.025 billion) upfront concession payment to the government.
The consortium also sought to extend the concession agreement to 25 years from the 15 years that the government proposed.
One of the consortium members, a partner at Global Infrastructure Partners, Philip Iley was quoted by the Philippine Star as saying: “The shorter concession will result in three things: lower investment, higher charges for Filipino passengers, and lower economic benefit to the country and value for the government.”
There will be three key phases of development as part of the masterplan.
The first phase is set to be implemented in the first two years with a target to increase the capacity to 54 million passengers annually by 2025 and enhance the airport’s services while minimising queuing times.
For the second phase, MIAC aims to boost the airport’s capacity to 62.5 million passengers a year by expanding the terminal floor area, adding airfield facilities and improving transportation across the four terminals.
The third phase will add capacity for 70 million more passengers and includes development works to further expand the terminal space and airfield capacity.
The Philippine Star quoted Aboitiz InfraCapital President and CEO Cosette Canilao as saying: “If they approve it within the year, we go through the whole process, we’re able to sign the concession agreement by year-end, then will be able to start immediately.”
According to a report by The Manila Times, Canilao said that the proposal “unequivocally meets all those criteria.” She called it a “turnkey proposal ready for government evaluation and has the financing to get boots and shovels on the ground.” ✈
