The consortium SMC-SAP, consisting of Incheon International Airport Corporation, San Miguel Holdings Corp (SMHC), and local financial investment companies RMM Asian Logistics and RLW Aviation Development, was selected as the final awardee by the Philippine Department of Transportation (DOTr) and Manila International Airport Authority (MIAA).
Ninoy Aquino International Airport Development and Operation Project has a duration of 25 years (2024 to 2049), with an estimated total project cost of four trillion won ($30bn). This marks the largest overseas project ever secured by Incheon International Airport Corporation, contributing significantly to the government's goal of achieving a cumulative overseas construction contract value of one trillion dollars this year. The airport, which handled 48 million passengers and 720,000 tons of cargo in 2019, serves as the key gateway to the Philippines.
Incheon International Airport Corporation will be responsible for the operation and maintenance of Ninoy Aquino International Airport for the next 25 years. Leveraging its accumulated expertise in airport construction and operation, the corporation plans to lead terminal expansion and operational optimization, increasing the airport's capacity to handle up to 62 million passengers annually and positioning Ninoy Aquino International Airport as a regional mega-hub airport.
The corporation aims to secure a stable dividend income (10% equity participation) over the 25-year period, capitalise on aviation demand, and diversify its revenue stream by generating new sources of income, including airport operation consulting services contracts (Technical Service Agreements; TSA).
Additionally, Incheon International Airport Corporation plans to facilitate the participation of domestic companies in the design and construction of future projects, thereby supporting their international market expansion and contributing to the nation's economy.
Incheon International Airport Corporation president and CEO Hag Jae Lee said, “Winning the bid for the Ninoy Aquino Airport Development and Operation Project consolidates our position as a global airport operator in Southeast Asia, following our success with the Batam Hang Nadim Airport project in 2021. We will expand our overseas business worldwide, based on the operational know-how accumulated at Incheon Airport.”
