Tycoons revive P100 billion bid for NAIA

MANILA, Philippines — Some of the country’s biggest tycoon-led conglomerates will take another shot at redeveloping the Ninoy Aquino International Airport (NAIA).

The Manila International Airport Consortium (MIAC), a partnership among six leading Philippine conglomerates and US-based Global Infrastructure Partners (GIP), has submitted a P100-billion unsolicited proposal to the Philippine government for the upgrading of the NAIA.

Members of the consortium include Aboitiz InfraCapital Inc., Ayala-led AC Infrastructure Holdings Corp., Lucio Tan’s Asia’s Emerging Dragon Corp., Andrew Tan’s Alliance Global – Infracorp Development Inc., Gotianun-led Filinvest Development Corp. and Gokongwei-led JG Summit Infrastructure Holdings Corp.

The six conglomerates partnered with GIP, one of the leading infrastructure investors and airport operators in the world. The proposal includes a significant upfront payment to the government and committed investments in new facilities and technology to transform NAIA into a world-class airport.

In 2018, the same group, but with Pangilinan-led Metro Pacific Investments Corp., submitted an unsolicited proposal to rehabilitate NAIA, but this fell through.

“We are ready to put our combined resources forward in partnering with the government on this massive undertaking. Our consortium brings unrivaled expertise, proven solutions and extensive capital. As the only large-scale operating gateway airport to the Philippines, the modernization and long-term sustainability of NAIA is a critical development priority for both the country’s public and private sectors. Recognizing the primacy of NAIA to the country’s economic growth, the consortium is bringing highly complementary expertise and making an unprecedented commitment to its sustainability and continued viability,” said MIAC director Kevin Tan.

Another MIAC director, Josephine Gotianun Yap, said the consortium is confident that with additional financial resources as well as operating process and technology improvements, NAIA can help achieve the vision of being a world-class gateway.

Airports currently and previously owned or operated by members of the consortium include the Mactan-Cebu, Clark, London Gatwick, Edinburgh, London City and Sydney airports.

The consortium envisions NAIA to be able to serve up to 62.5 million passengers per annum efficiently by 2028 – more than double its currently constrained design capacity, which stands at only 31 MPPA.

Pre-pandemic, passenger traffic had already reached 48 MPPA in 2019, underscoring the need to upgrade the airport to meet the growing demand.