Recognizing the vital role of infrastructure in national progress, BDO Unibank Inc. (BDO) remains committed to supporting projects that help advance essential services and drive sustainable growth.
Through its participation in the Ninoy Aquino International Airport (NAIA) modernization, BDO continues to be a strong partner in transforming the Philippines’ primary gateway, enhancing connectivity and economic opportunities in the country.
Facilitated by BDO’s Institutional Banking Group and BDO Capital & Investment Corporation (BDO Capital), BDO helped secure PHP 80 billion (US$ 1.42 billion) in funding for New NAIA Infrastructure Corporation (NNIC), the consortium awarded the concession to rehabilitate and modernize NAIA.
“BDO has been a steadfast partner in infrastructure development, ensuring projects like the NAIA modernization have the necessary financial backing to succeed. This initiative will drive economic growth, improve air mobility, and enhance the Philippines’ position as a regional hub,” said Eduardo V. Francisco, President of BDO Capital.
Charles M. Rodriguez, BDO’s Executive Vice President and Head of Institutional Banking Group, added “We take pride in supporting transformative projects that create long-term value for businesses and communities. The modernization of NAIA is a milestone in improving air travel efficiency and accessibility for millions of Filipinos.”
The consortium, led by San Miguel Holdings Corporation, the infrastructure arm of San Miguel Corporation (SMC) alongside RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corporation (IIAC), aims to significantly improve the airport’s efficiency and passenger experience.
SMC, a key member of NNIC, contributes its extensive infrastructure expertise and market leadership, with businesses spanning multiple industries and driving approximately 6% of the Philippines’ GDP. Meanwhile, IIAC, a wholly-owned entity of the Korean government and the operator of South Korea’s Incheon airport, one of Asia’s busiest airports, brings global practices in airport management, technology and operational efficiency. Their involvement underscores the confidence of international stakeholders in the Philippines’ economic potential and infrastructure modernization efforts.
BDO’s ability to swiftly mobilize significant capital in a tight timeframe demonstrates its leadership in large scale infrastructure investment. BDO Capital, in collaboration with other investment banks, structured a deal that ensured a seamless funding process for NNIC, overcoming complex market dynamics.
BDO’s support has been crucial in providing the resources needed to modernize NAIA. Their financial expertise strengthens our efforts to transform the airport into a world-class gateway that drives economic growth, improves connectivity, and delivers a seamless travel experience for millions of passengers,” said Angelito Alvarez, NNIC’s General Manager.
The NAIA modernization project, awarded before the end of 2024, was one of the administration’s priority undertakings. Understanding the fiscal challenges inherited by the current administration, BDO is leveraging private sector collaboration to ensure critical infrastructure initiatives remain on track. This landmark transaction highlights BDO’s support to the government’s Public-Private Partnership (PPP) programs, fostering improved air mobility and infrastructure development. As the largest PPP under the current administration, this project is expected to generate substantial revenue for the Philippine government while creating new jobs, boosting tourism, and attracting foreign investment.
The modernization of NAIA is a crucial component of a broader transport infrastructure upgrade, complementing projects such as the Metro Manila subway and the New Manila International Airport in Bulacan. Together, these initiatives will create a more integrated and efficient transportation network, driving economic opportunities and reinforcing the country’s position in the global market.
