Incheon International Airport Corporation announced on the 18th (local time) that it has signed a contract for the development and operation project of Ninoy Aquino International Airport in Manila, Philippines.
This project, which was awarded in February, saw the signing of the main contract at the Philippine Presidential Palace with the attendance of Bongbong Marcos, President of the Philippines, Jaime Bautista, Minister of Transportation of the Philippines, and Lee Sang-hwa, Ambassador of Korea to the Philippines. Lee Hak-jae, President of Incheon International Airport Corporation, and Ramon Ang, Chairman of San Miguel Corporation, which formed the consortium for this project, also attended.
On the 18th (local time), at the Malaca?ang Palace, the Philippine Presidential Palace, during the "Manila Ninoy Aquino International Airport Development and Operation Project Contract Signing Ceremony," Lee Hak-jae, President of Incheon International Airport Corporation (first from the right in the photo), signed the contract with the Philippine government, the client, and then took a commemorative photo with Bongbong Marcos, President of the Philippines, and Ramon Ang, Chairman of San Miguel Corporation. [Photo by Incheon International Airport Corporation]
This project is an investment and development project that will be responsible for the operation and maintenance of Manila Airport for up to 25 years from this year until 2049, expanding and improving facilities in phases. The Philippine government has promoted this project with the plan to increase the annual passenger capacity of Manila Airport from the current 33 million to 62 million.
The consortium was formed by Incheon International Airport Corporation, San Miguel, and local financial investors. The consortium estimated that the cumulative revenue expected during the project period will reach 36.9 trillion KRW (27.5 billion USD), and the total project cost invested in airport operation and facility development will amount to 4 trillion KRW (3 billion USD). This is the largest overseas project awarded to Incheon International Airport Corporation.
Before signing the contract with the client on this day, the consortium to which the corporation belongs established a local special purpose company (NNIC) in the Philippines to carry out the project. NNIC will take over and be responsible for operation and facility development starting from September this year after a six-month preparation period for operational takeover. Incheon International Airport Corporation holds a 10% stake in this company. A separate operation consulting contract will also be signed.
Additionally, a temporary task force (TF) composed of experts in terminal operation, security, facility maintenance, and repair will be formed. After the takeover, four experts from the corporation will be sent locally to provide continuous advisory support at the headquarters level. Given the 10% stake, it is expected that stable long-term profits will be possible through dividend income and operation consulting revenue.
President Lee Hak-jae stated, "We plan to dramatically improve the operation and airport service level of Manila Airport, the gateway airport of the Philippines, by utilizing the world-class construction and operation know-how accumulated by Incheon Airport," and added, "We will successfully carry out this project and expand the base of overseas projects worldwide."
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