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MANILA, Philippines – State-run Bases Conversion and Development Authority (BCDA) has completed the sale of the 61-hectare property occupied by Ninoy Aquino International Airport (Naia) Terminal 3 to the gateway’s regulator, ending a long-running lease arrangement.
The Manila International Airport Authority (MIAA) acquired the land and infrastructure housing Terminal 3 for P48 billion. The amount includes a P10-billion down payment, with the balance payable in semiannual installments over 15 years.
READ: Upgrades expected at Naia after MIAA-BCDA property deal
“This acquisition provides greater certainty for long-term planning, sound asset management and the continued advancement of Philippine aviation,” MIAA general manager Eric Jose Ines said in a statement.
