BDO Unibank Inc. has facilitated PHP 80 billion (US$1.42 billion) in funding for the modernization of Ninoy Aquino International Airport (NAIA), reinforcing its role as a key financial partner in the Philippines’ infrastructure development.
The funding package, arranged by BDO’s Institutional Banking Group and BDO Capital & Investment Corporation, supports New NAIA Infrastructure Corporation (NNIC), the consortium awarded the concession to rehabilitate and modernize the country’s primary gateway.
“BDO has been a steadfast partner in infrastructure development, ensuring projects like the NAIA modernization have the necessary financial backing to succeed,” said Eduardo V. Francisco, President of BDO Capital. “This initiative will drive economic growth, improve air mobility, and enhance the Philippines’ position as a regional hub.”
The NNIC consortium is led by San Miguel Holdings Corp., the infrastructure arm of San Miguel Corp., and includes RMM Asian Logistics Inc., RLW Aviation Development Inc., and South Korea’s Incheon International Airport Corp. (IIAC), the operator of one of Asia’s busiest airports. The consortium aims to improve NAIA’s efficiency, capacity, and passenger experience.
Charles M. Rodriguez, BDO’s Executive Vice President and Head of Institutional Banking, said the bank is proud to support transformative projects that create long-term value. “The modernization of NAIA is a milestone in improving air travel efficiency and accessibility for millions of Filipinos,” he added.
The NAIA project is the largest public-private partnership (PPP) initiative under the current administration and was awarded before the end of 2024. It is expected to generate substantial government revenue, create new jobs, boost tourism, and attract foreign investment.
Angelito Alvarez, General Manager of NNIC, said BDO’s swift mobilization of capital was instrumental in securing the project’s financial foundation. “Their financial expertise strengthens our efforts to transform NAIA into a world-class gateway,” he said.
The airport upgrade complements other major transport infrastructure projects, including the Metro Manila subway and the New Manila International Airport in Bulacan, in creating an integrated network to support the country’s long-term economic growth.
Business News Asia
