BCDA sees P48-B revenue from NAIA T3 land sale

The Bases Conversion and Development Authority (BCDA) recently renewed the lease of the 61-hectare land occupied by Terminal 3 of the Ninoy Aquino International Airport (NAIA) with the Manila International Airport Authority (MIAA).

A memorandum of agreement (MOA) was signed between BCDA and MIAA for the P48-billion property.

BCDA Chairman Hilario Paredes – accompanied by president and CEO Joshua Bingcang, executive vice president Gisela Kalalo and director Marvin Ponce de Leon – recently signed a memorandum of agreement (MOA) with MIAA general manager Eric Jose Ines, who was joined by MIAA senior assistant general manager Ma. Lourdes Reyes, for the lease renewal, following the expiration of the 25-year lease for the property in 2023.

Under the new agreement, an annual lease amounting to P489 million will be paid to the BCDA for the property, higher than the previous lease of P180 million.

It also gives MIAA a three-year option to purchase the property for P48.89 billion or to continue leasing it from the BCDA.

Should the MIAA decide to acquire the property, it will have full ownership of the land and infrastructure, paving the way for more investments to expand and modernize the airport.

“This would ultimately enhance its capacity to accommodate the growing demands of both domestic and international air travel,” the BCDA said.

Last year, Bingcang said the lease for the NAIA Terminal 3 property is expected to be a big revenue source for the state-run firm.

Under Republic Act 7227 or the Bases Conversion and Development Act, the agency is mandated to transform former military bases and properties into premier centers of economic growth in partnership with the private sector to generate funds.

The proceeds are remitted to the Bureau of the Treasury (BTr) to support the Armed Forces of the Philippines and other beneficiary agencies.