The Bases Conversion and Development Authority (BCDA) has secured P48 billion from the sale of a 61-hectare property occupied by the Ninoy Aquino International Airport (NAIA) Terminal 3 to the Manila International Airport Authority (MIAA), according to reports from Philstar Biz.
The deal covers the transfer of ownership of the land beneath NAIA Terminal 3, which was originally part of the former Villamor Air Base. BCDA, the government corporation tasked with converting former military bases into productive civilian use, will receive the proceeds to fund its infrastructure projects. MIAA, which operates NAIA, will now own the property outright, resolving long-standing leasing arrangements.
The transaction is seen as a significant step in streamlining airport operations and asset management. Proceeds from the sale are expected to support BCDA's development initiatives, including the New Clark City and other government infrastructure programs.