The Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP) project has been named Transport Deal of the Year at the Asia-Pacific Awards by Project Finance International (PFI). Spearheaded by the Department of Transportation (DOTr) and the San Miguel-led New NAIA Infra Corp (NNIC), the project aims to address the airport’s overcapacity issues. It is considered one of the most ambitious airport rehabilitation projects globally. The consortium includes San Miguel Holdings Corp, RMM Asia Logistics, RLW Aviation Development, and Incheon Airports.
The project raised PHP116.2 billion in financing, including a PHP80 billion project finance loan and USD600 million in equity. It aims to increase NAIA’s capacity from 47 million to 62 million passengers annually and includes infrastructure upgrades, such as air traffic control systems and sustainability features like solar panels and rainwater harvesting. This initiative is recognised as the largest brownfield airport PPP project globally at the time of its launch.