MIAA acquires Terminal 3 property for P48B

MANILA, Philippines – State-run Bases Conversion and Development Authority (BCDA) has completed the sale of the 61-hectare property occupied by Ninoy Aquino International Airport (Naia) Terminal 3 to the gateway’s regulator, ending a long-running lease arrangement.

The Manila International Airport Authority (MIAA) acquired the land and infrastructure housing Terminal 3 for P48 billion. The amount includes a P10-billion down payment, with the balance payable in semiannual installments over 15 years.

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“This acquisition provides greater certainty for long-term planning, sound asset management and the continued advancement of Philippine aviation,” MIAA general manager Eric Jose Ines said in a statement.

Naia sits on land that formed part of a former US Air Force base. As the agency tasked with converting former American military camps into productive civilian assets, BCDA owned the Terminal 3 property.

MIAA had leased the property for P180 million annually under a 25-year agreement that expired in 2024.

Following the lease’s expiration, BCDA raised the annual rent to P489 million in 2025 and gave MIAA three years to decide whether to continue leasing the property or acquire it for P48.89 billion.

BCDA president and CEO Joshua Bingcang said proceeds from the transaction would be remitted to the Bureau of the Treasury, support the modernization of the Armed Forces of the Philippines and fund infrastructure projects across BCDA developments.

These include New Clark City, Clark Freeport and Special Economic Zone, Camp John Hay, Bonifacio Global City and the Poro Point Freeport Zone.

“(This agreement) ensures that the property is placed in the hands of the agency best positioned to maximize its value, while generating revenues that can support public services and infrastructure,” Bingcang said.

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For MIAA, the acquisition removes uncertainty over one of Naia’s most critical assets as the country’s main gateway undergoes modernization under New Naia Infrastructure Corp. (NNIC), the private concessionaire led by tycoon Ramon Ang.

“As we continue to strengthen our role as a regulatory and oversight institution, securing ownership of the Terminal 3 property further reinforces our responsibility as stewards of the country’s premier gateway and supports our commitment to ensuring the long-term sustainability and development of this strategic asset,” Ines said.

While NNIC is responsible for operating, maintaining and upgrading Naia under the public-private partnership arrangement, MIAA retains ownership of the airport’s assets and serves as its regulator.

Since NNIC took over operations in 2024, the airport has rolled out upgrades such as biometric immigration e-gates and handled a record 52.02 million passengers in 2025. INQ