BCDA, MIAA sign lease, sale agreement for NAIA terminal 3 property

MANILA, Philippines – The Bases Conversion and Development Authority (BCDA) has signed a new lease and sale agreement with the Manila International Airport Authority (MIAA) governing the 61-hectare Ninoy Aquino International Airport (NAIA) Terminal 3 property.

The memorandum of agreement (MOA) comes after the expiration of a 25-year lease in 2024 for the
P48-billion property, said the BCDA in a statement issued Tuesday.

Under the revised terms, BCDA said it had secured a significantly higher annual lease payment of P489 million, a substantial increase from the previous P180 million.

It added that the MOA also provides MIAA with a three-year option to either purchase the property for P48.89 billion or continue leasing it from BCDA.

“Acquiring the property would grant MIAA full ownership of the land and infrastructure, paving the way for significant investments in the airport’s development, modernization, and expansion,” the BCDA said in a statement.

“These improvements are expected to enhance NAIA Terminal 3’s capacity to meet the increasing demands of both domestic and international air travel,” it added.