The Manila International Airport Consortium (MIAC) is seeking a 25-year concession period for its unsolicited proposal to rehabilitate and develop the Ninoy Aquino International Airport (NAIA), as the time period would be the optimal solution to unlock the full potential of the country’s main gateway.
The Manila International Airport Consortium held a media briefing in Makati City on June 19, 2023. In photo, from left to right: Aboitiz InfraCapital President and CEO Cosette Canilao, Alliance Global Group Inc. CEO Kevin Tan, LT Group Chief Financial Officer Jose Gabriel Olives, Ayala Corp. President and CEO Cezar Consing, Federal Development Corp. President and CEO Josephine Gotianun-Yap, GIP Vice Chairman Dr. Jim Yong Kim, and JG Summit Holdings Inc. Senior Advisor Bach Johann Sebastian.
In its proposal, however, the MIAC is seeking a longer period which it said would enable investors to put in a bigger amount and provide a sufficient timetable for the private concessionaire to recoup such outlays. “Most important, though, is that a longer concession period will allow the consortium to provide a more comprehensive and extensive rehabilitation,” she added.
“The amount that the consortium will be investing will only work with a 25-year concession period so that we can have an airport that we can be proud of,” Gotianun-Yap said. It also includes a P57-billion concession payment to the government, said to be the largest upfront concession payment offered for a transportation private-public partnership in the country, whether solicited or unsolicited.
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