The signing of the documents turning over to the group of San Miguel Corp. the management and modernization of state-run Ninoy Aquino International Airport took only 40 seconds last March 18 at the presidential palace.
But the contract will change the tempo and direction of tourism, aviation and, indeed, the Philippine economy, over the next quarter century. Aviation contributes 5 percent to 17 percent of GDP.
Bagging the largest and fastest-gestation PPP deal, RSA offered what could be a large corporation’s fortune for life, P1.052 trillion – P911 billion as the state’s share of airport revenues over 25 years, plus P141 billion in airport physical improvements. Immediately, SMC must pay P30 billion down, plus P2 billion annuity every year for 25 years, or P50 billion, for a total of P80 billion, in cash.
“The reputation of this airport has been shredded, and let us be frank about it, not by bad press, by its actual poor state. BBM’s marching orders to SMC: passengers must whiz out of NAIA in 20 minutes, just like in Singapore. Aircraft movements, taking off and landing, must increase from 40-42 an hour, to 48. Passenger capacity must almost double, from 35 million to 62 million.
“Within six months from September 2024, we aim to elevate your airport experience through a streamlined process, faster check-ins and upgraded amenities for greater comfort and convenience,” Ramon Ang vowed, adding: For his part, Bautista said NAIA’s “achieving internationally benchmarked standards should cascade to passengers and airport users. This radical transformation comes at no small price. Substantial investments in infrastructure and technology will necessitate collaborations with local and foreign partners.”
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