BCDA, MIAA Ink Deal That Could Raise ₱48.89B from NAIA Terminal 3 Sale

The Bases Conversion and Development Authority (BCDA) has signed a memorandum of agreement with the Manila International Airport Authority (MIAA) that could raise nearly ₱49 billion from the potential sale of the 61-hectare NAIA Terminal 3 property.

Under the agreement, MIAA’s annual lease payment for the property will rise from ₱180 million to ₱489 million. MIAA is also granted a three-year window to decide whether to continue leasing or to buy the property outright for ₱48.89 billion.

“This is a win-win for the government,” said BCDA President and CEO Joshua Bingcang. “It strengthens state revenues and supports MIAA in maintaining critical air operations at NAIA.”

Should MIAA proceed with the purchase, it will make a ₱10 billion down payment, minus any previous lease payments, with the balance accruing 5% annual interest.

MIAA General Manager Eric Jose Castro Ines said the agreement marks a key step toward long-term development of the terminal. “Ownership will allow us to plan, expand, and modernize NAIA Terminal 3 without external limitations,” he said.

MIAA is responsible for ensuring world-class standards for airport operations and facilities, while BCDA focuses on infrastructure development and supporting the Armed Forces of the Philippines (AFP). In 2024, BCDA earned ₱11.3 billion in revenue, a 3% rise driven by real estate ventures, including a major development in Taguig City.