The Market Monitor Minding the Nation's Business
The Aboitiz Group commits to boost Bohol’s transport and tourism sectors after it takes over operations of the Bohol-Panglao International Airport (BPIA).
Aboitiz InfraCapital Inc. (AIC) said Bohol would start to enjoy economic growth once it manages the operations of the BPIA starting June.
AIC president and CEO Cosette Canilao said Bohol’s economy is expanding at a pace faster than the national rate, growing by 6.6 percent in 2023 as against the country’s 5.5 percent.
Citing data from the Philippine Statistics Authority, AIC said Bohol’s transport industry grew by 20.4 percent, while the province’s tourism segment went up by 27.9 percent. Canilao sees these figures as indicators that Bohol is ready for more business and travel activities.
AIC has pledged to upgrade the BPIA over a period of 30 years at a cost of P4.53-billion. This includes increasing the airport’s passenger capacity to 2.5 million annually within a year or two.
Subsequently, AIC will expand BPIA’s facilities, including the passenger terminal building, expanding its capacity to 3.9 million passengers a year by 2030.
“The modernization of BPIA is not just about upgrading infrastructure, as it is about enabling the continued rise of Bohol as a vibrant tourism and economic hub in Visayas,” Canilao said.
She said the upgrade of BPIA would lead to more economic activities not only for Bohol, but for Central Visayas as a whole. The airport is the latest addition to AIC’s portfolio of gateways.
The infrastructure arm of the Aboitiz Group completed the P25-billion buyout of the operator of the Mactan-Cebu International Airport (MCIA) last year. In April, it took over the operations and maintenance of the Laguindingan Airport, the main gateway to Northern Mindanao.
MCIA is the second busiest airport in the country, while Laguindingan Airport and BPIA are sixth and ninth, respectively.
To date, there are seven airports handled by different private groups: Caticlan, MCIA, Clark, New Manila International (Bulacan) Airport, NAIA, Laguindingan and BPIA.