OWNERSHIP of the land occupied by the Ninoy Aquino International Airport Terminal 3 (NAIA 3) will change hands under a P48-billion deal between two government agencies.
The Bases Conversion and Development Authority (BCDA) on Friday said that after years of negotiations, a ceremonial agreement for the 61-hectare property was signed on June 11 with the Manila International Airport Authority (NAIA).
The MIAA will pay the BCDA the P48 billion over 15 years, starting with a P10-billion down payment.
Last year, both agencies signed a memorandum of agreement (MOA) where the MIAA was given three years to decide whether to purchase the land for P48.89 billion or keep leasing it from the BCDA. Under the MOA, the annual lease payment was raised to P489 million from P180 million.
The BCDA owns the property by virtue of its mandate to generate revenues from former military camps via sales, leases, joint ventures or concession fees.
Further terms were not disclosed on Friday but based on the MOA details released by the BCDA last year, cumulative annual payments already made by the MIAA would be deducted from the P10-billion down payment with the outstanding balance to be charged a 5-percent annual interest.
The 15-year payment plan will involve semiannual installments of approximately P3.74 billion per year, the BCDA also said.
“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,” MIAA General Manager Eric Jose said on Friday.
“This acquisition provides greater certainty for long-term planning, sound asset management and the continued advancement of Philippine aviation,” he added.
BCDA President and CEO Joshua Bingcang, meanwhile, said: “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.”
“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,” he added.
“This is a practical, forward-looking solution that delivers benefits both today and for future generations.”
The BCDA said the deal would allow the MIAA “to pursue critical upgrades, expansion initiatives and modernization projects needed to meet increasing demand and strengthen the Philippines’ connectivity to global markets.”
The NAIA was said to have serviced 27 million passengers last year.
The sale was also said to be in line with President Ferdinand Marcos Jr.’s directive to modernize the country’s transport infrastructure.
Proceeds from the sale, meanwhile, will support the BCDA’s mandate under Republic Act 7227 to transform former United States military reservations into engines of economic growth.
Part of the money will be remitted to the Bureau of the Treasury as dividends and contributions to the Armed Forces of the Philippines and other beneficiary agencies, while the rest will be used for infrastructure development across the BCDA’s portfolio of economic zones.
