SPEAKER Ferdinand Martin G. Romualdez on Monday welcomed the signing of the landmark P170.6 billion Public-Private Partnership (PPP) concession agreement aimed at the comprehensive rehabilitation and operation of the Ninoy Aquino International Airport (NAIA).

Speaker Romualdez, joined President Ferdinand R. Marcos, Jr. and Executive Secretary Lucas Bersamin in witnessing San Miguel Corporation President and CEO Ramon Ang, Transportation Secretary Jaime Bautista, and Manila International Airport Authority (MIAA) General Manager Eric Jose Ines sign the PPP Agreement in Malacanang.

He commended the collaborative efforts between the administration of President Ferdinand R. Marcos, Jr. and private sector stakeholders in advancing the vital project, meant to bring about substantial improvements in airport facilities and services.

“The rehabilitation and operation of NAIA under this PPP framework demonstrate the unwavering commitment of the administration of President Marcos, Jr. to fostering sustainable growth and innovation in our transportation infrastructure,” said Speaker Romualdez, leader of the 300-plus strong House of Representatives.

“This momentous occasion signals a new era of progress and efficiency for NAIA,” he added.

The Speaker emphasized the importance of the PPP project in addressing longstanding challenges and bottlenecks that have hampered the airport’s capacity to meet the increasing demands of domestic and international travelers.

He underscored the potential of the project to elevate NAIA to world-class standards, enhancing its competitiveness and positioning it as a premier gateway to the Philippines.

“The revitalization of NAIA also promises broader economic benefits for our country and our people, including job creation, increased tourism, and greater connectivity with global markets,” Speaker Romualdez pointed out.

He reiterated the government’s dedication to fostering an environment conducive to private sector investment and collaboration, emphasizing the pivotal role of PPPs in driving infrastructure development across the country.

Speaker Romualdez vowed the support of the House to ensure the successful implementation of the transformative project.

“We remain committed to working closely with all stakeholders to overcome challenges, uphold transparency, and deliver tangible benefits to the Filipino people,” Speaker Romualdez said.

SMC-SAP & Co. Consortium, composed of San Miguel Holdings Corp., RMM Asian Logistics, Inc., RLW Aviation Development, Inc., and Incheon International Airport Corp bagged the P170.6 billion PPP project by offering the biggest revenue share of 82.16 percent to the government.

As the winner, the SMC-led group is expected to improve the NAIA complex, including facilities such as the runway, taxiway, ramp areas, and firefighting facility. It is also expected to increase the airport’s current annual passenger capacity from 32 million to 60 million.

According to the Manila International Airport Authority, the turnover to the new operator will be by the second half of 2024. The private operator’s contract initially covers 15 years and could be extended by 10 years.

MIAA will govern the private operator, set the standards, and monitor the key performances and service levels of the private proponent.

The PPP deal is projected to generate around P900 billion in revenues for the national government in the course of a 15-year concession period, with a provision for an extension of another 10 years.