Rise in passenger volume pushed MIAA earnings to record high in 2018

The state-run operator of Manila’s Ninoy Aquino International Airport (Naia), the country’s busiest air gateway, posted record earnings in 2018 as passenger volume increased.

The Manila International Airport Authority (Miaa) said it remitted P3.42 billion in dividends— equivalent to half of its annual income— to the national government in 2018.

This was said to be the highest in Miaa’s history, exceeding by over half its 2017 payment.

Miaa is mandated to remit at least 50 percent of its annual income to the national government after it was granted fiscal autonomy during the term of former President Corazon C. Aquino.

As noted, the improved financials came as passenger traffic continued to boom.

Last year, Naia served over 45 million passengers, up from about 42 million in 2017.

“The Miaa remains committed in bettering its fiscal management, as we also work on improving the infrastructure and operations of Naia,”  Miaa general manager  Ed Monreal said in a statement.

On top of the P3.42 billion worth of dividends, the Miaa likewise remitted P5.4 billion in corporate income taxes.

The airport’s success also comes with problems, namely, worsening congestion that puts a cap on growth and also leads to flight delays.

Last year, a group of seven of the country’s largest conglomerates offered to operate and expand Naia over a 15-year concession period.

Last month, the Department of Transportation (DOTr) approved the offer of the private sector, known collectively as Naia Consortium.

The proposal is expected to undergo a Swiss challenge once it is approved by the board of the National Economic and Development Authority.

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