San Miguel consortium wins P171-B NAIA operations, rehab project
The Department of Transportation (DoTr) [link] announced on Friday that the San Miguel Consortium had been awarded the P170.6-billion contract to operate, maintain and rehabilitate NAIA. The consortium is comprised of San Miguel Holdings (a subsidiary of San Miguel [SMC 108.00, down 0.9%]), RMM Asian Logistics (a small company owned by Raymond Miller Moreno), RLW Aviation Development (a small company owned by Robert Lee Wong), and Incheon International Airport Corp. (a major South Korean airport operator). The consortium’s winning bid proposed giving 82.1% of NAIA’s revenue straight to the government, while also increasing NAIA’s annual passenger capacity from 32 million to 60 million. The initial contract to operate will be for 15 years, starting in H2/24, and could be extended for an additional 10 years. The deal is expected to generate P0.9 trillion in revenues for the government throughout the 15-year contract.
