'P170B rehab to wipe away NAIA's bad rep'

(UPDATE) PRESIDENT Ferdinand Marcos Jr. on Monday hailed the signing of a P170.6 billion deal with San Miguel Corp. (SMC) to rehabilitate the Ninoy Aquino International Airport (NAIA), saying he was confident this would wipe away the gateway's image as one of the worst in the world.

During the ceremonial signing at the Palace, Marcos said the Private Public Partnership Project (PPP) is the «great catch-up plan» that should go beyond the airport's physical design and structure.

«Today, we chart the future of the airport,» he said, adding that the bottom line of NAIA's resurgence «is not what it will bring to the coffers of our government, but the comfort it will bring to its passengers.»

SMC President and CEO Ramon Ang said plans include an additional passenger terminal near the abandoned Philippine Village Hotel to ease traffic in the existing terminals, but he also held out the prospect of more immediate improvements.

«Believe me, before Holy Week next year, it will already be very cold in the airport. There will be no more traffic going there; it will be very clean, and you won't see other problems,» the tycoon said.

The NAIA has been hounded by a string of bad publicity in the last year, including power interruptions that grounded hundreds of flights in January 2023, and an infestation of bedbugs and rats this year.

Marcos said the airport project was evaluated in a «record-breaking seven weeks,» making it the fastest PPP project proposal to be approved.

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The government did not sacrifice scrutiny for speed, however, as the project was «fastidiously examined at every step of the way,» the President said.

«It was open, transparent and competitive,» and aligned with international best practices in structuring and tendering bankable and fair PPP projects.

«This undertaking is not just about revenues that will be remitted to Treasury alone, but resources invested in the airport and in many ways. It is an investment in our future. The targets are worth repeating to remind us of the hard work that lies ahead,» the President said.

The project will mobilize about P88 billion in capital investments within its first six years of operation, he said.

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