Gov’t signs landmark deal for NAIA rehab, modernization

The modernization of the country’s main gateway’s is one step closer to actuality as the Department of Transportation (DOTr) and SMC SAP & Co. Consortium on Monday signed the landmark concession agreement for the Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP) Project.

President Ferdinand “Bongbong” Marcos Jr. witnessed the signing and described the NAIA privatization as “an investment in our future.” 

“This undertaking is not just about revenues that will be remitted to treasury alone, but resources invested in the airport and in many ways, it is an investment in our future,” Marcos said in a speech.

Marcos, in his speech, noted that the postponed improvement of the airport has caused delayed and reduced number of flights, which also affects the Philippine economy. 

He also said that the bottom line of the airport’s resurgence was not what it will bring to the coffers of the government but the comfort it will bring.

Earlier, Transportation Secretary Jaime Bautista announced that the SMC-SAP & Company Consortium was the winning bidder of the P170.6-billion NAIA Public-Private Partnership project after it offered the highest share of its future revenues from operating the airport to the government.

The winning group is made up of San Miguel Holdings Corp., RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp. The SMC-SAP & Company Consortium offered the highest percentage share of its future gross revenues to the government at 82.16%.

”I urge the San Miguel Corporation & Company Consortium to fulfill its commitment to this PPP project,”  Marcos said. —KBK, GMA Integrated News