Forbes - Jonathan Burgos

The Manila International Airport Consortium said it will spend as much as 267 billion pesos ($4.8 billion) to upgrade the country’s congested main international gateway amid a post-pandemic tourism boom.

The consortium—backed by the country’s biggest conglomerates including billionaire Andrew Tan’s Alliance Global Group, and Filinvest Development and JG Summit—partnered with U.S.-based Global Infrastructure Partners, which has interests in airports across London and Sydney, to modernize the Ninoy Aquino International Airport and more than double its capacity to 70 million passengers a year by 2048 from 31 million currently.

The project will be implemented in phases, with the first phase expected to bring NAIA annual passenger capacity to 54 million by 2025 and then to 62.5 million by 2028. The consortium budgeted 100 billion pesos when it proposed the project in April.

Full Report