THE Bases Conversion and Development Authority (BCDA) has signed a new memorandum of agreement (MoA) featuring higher annual lease payment for the Ninoy Aquino International Airport (NAIA) Terminal 3 (T3) site.
The BCDA signed the new agreement with the Manila International Airport Authority (MIAA) on Tuesday.
“This new agreement follows the expiration of the 25-year lease in 2023,” the BCDA said in a Facebook post late Tuesday.
“Under the revised terms, BCDA secured a higher annual lease payment of P489 million, a significant increase from the previous P180 million,” it added.
According to BCDA, the MoA also grants MIAA a three-year option to either purchase the property for P48.89 billion, which is the property’s zonal value, or continue leasing from the BCDA.
“Acquiring the property would enable MIAA to gain full ownership of the land and infrastructure, allowing for substantial investments in the airport’s development, modernization, and expansion,” the BCDA said.
“This would ultimately enhance its capacity to accommodate the growing demands of both domestic and international air travel,” it added.
The MIAA in January said that NAIA posted passenger throughput of 50.26 million in 2024, up 10.9%.
This year, the MIAA is targeting a 20-30% increase in passenger numbers.
The signing ceremony, which took place at the MIAA office, was attended by BCDA Chairperson Hilario B. Paredes, BCDA President and Chief Executive Officer Joshua M. Bingcang, and MIAA General Manager Eric Jose Castro Ines.
Earlier this year, the BCDA reported a 3% increase in revenue to P11.3 billion in 2024, boosted by a joint venture deal for a mixed-use development in Taguig City.
It also cited a 39% increase in toll and airport concession revenue to P3.2 billion and a 48% increase in dividends from affiliates to P1 billion.
In April 2024, the BCDA said that it remitted P1.1 billion in dividends to the Bureau of the Treasury in 2023, which is double the P527 million it remitted in 2022.
Since its creation, BCDA’s dividends have amounted to P9.6 billion. — Justine Irish D. Tabile