The Manila International Airport Authority (MIAA) has finalized the purchase of the 61-hectare property occupied by Ninoy Aquino International Airport (NAIA) Terminal 3 from the Bases Conversion and Development Authority (BCDA) for P48 billion, ending a long-standing lease agreement.
The acquisition includes the land and infrastructure housing Terminal 3. MIAA paid a P10-billion down payment, with the remaining balance to be paid in semiannual installments over 15 years.
"This acquisition provides greater certainty for long-term planning, sound asset management and the continued advancement of Philippine aviation," said MIAA General Manager Eric Jose Ines.
NAIA sits on land that was formerly part of a US Air Force base. BCDA, tasked with converting former American military camps into productive civilian assets, had owned the Terminal 3 property. MIAA previously leased the property for P180 million annually under a 25-year agreement that expired in 2024.
After the lease expired, BCDA raised the annual rent to P489 million in 2025 and gave MIAA three years to decide whether to continue leasing or acquire the property for P48.89 billion.
BCDA President and CEO Joshua Bingcang said proceeds from the transaction will be remitted to the Bureau of the Treasury, support the modernization of the Armed Forces of the Philippines, and fund infrastructure projects across BCDA developments, including New Clark City, Clark Freeport and Special Economic Zone, Camp John Hay, Bonifacio Global City, and the Poro Point Freeport Zone.
"(This agreement) ensures that the property is placed in the hands of the agency best positioned to maximize its value, while generating revenues that can support public services and infrastructure," Bingcang said.
For MIAA, the acquisition removes uncertainty over one of NAIA's most critical assets as the country's main gateway undergoes modernization under New NAIA Infrastructure Corp. (NNIC), the private concessionaire led by tycoon Ramon Ang.
"As we continue to strengthen our role as a regulatory and oversight institution, securing ownership of the Terminal 3 property further reinforces our responsibility as stewards of the country's premier gateway and supports our commitment to ensuring the long-term sustainability and development of this strategic asset," Ines said.
While NNIC operates, maintains, and upgrades NAIA under a public-private partnership, MIAA retains ownership of the airport's assets and serves as its regulator. Since NNIC took over operations in 2024, the airport has introduced upgrades such as biometric immigration e-gates and handled a record 52.02 million passengers in 2025.