BCDA offers MIAA P48-billion purchase option for NAIA Terminal 3 site

The Bases Conversion and Development Authority (BCDA) has granted the Manila International Airport Authority (MIAA) a three-year option to purchase or continue leasing the 61-hectare property housing the Ninoy Aquino International Airport (NAIA) Terminal 3, following the expiration of the previous 25-year lease in 2023.

Under a new memorandum of agreement signed by both parties, MIAA may opt to acquire the property for P48.89 billion. If the purchase is pursued, MIAA will be required to make a P10 billion down payment, offset by previously remitted annual payments, and settle the remaining amount over 15 years through semi-annual installments of about P3.74 billion, inclusive of a five percent annual interest.

BCDA President and CEO Joshua Bingcang described the agreement as a "win-win" for the government and the aviation sector.

“This serves as a vital public service contribution that will ultimately lead to the development of NAIA,” Bingcang said, noting the agreement also secures higher revenue for the government, with annual lease payments rising from P180 million to P489 million.

MIAA General Manager Eric Jose Castro Ines hailed the lease-to-own arrangement as a step toward long-term airport development, providing MIAA with full control of the land and enabling plans for expansion and modernization.

“With this agreement, MIAA can finally chart its own course for NAIA Terminal 3’s growth, free from land tenure constraints,” Ines said.

The potential acquisition comes amid a surge in air traffic, with NAIA recording 50.1 million passengers in 2024 — a record high. Passenger volumes are expected to rise further in 2025 following operational handover to the San Miguel Corporation-led New NAIA Infrastructure Corporation (NNIC), which assumed airport management duties in September 2024.

The move aligns with MIAA’s ongoing transition from airport operator to regulatory authority, supporting broader infrastructure plans and elevating NAIA’s status as the country’s primary aviation gateway.