The estimated cost of a proposal by US-based Cerberus Asia Pacific Investments, LLC to manage, operate, and upgrade the Subic Bay International Airport (SBIA) has increased to P7 billion from the previously reported P5.31 billion, according to the Public-Private Partnership (PPP) Center, as reported by BusinessWorld.
The updated project cost was disclosed as the Subic Bay Metropolitan Authority (SBMA) continues to evaluate the unsolicited proposal. The expansion would cover improvements to airport infrastructure, including terminal upgrades and runway enhancements, to boost capacity and attract more international flights.
The development comes amid growing interest in regional airport privatization under the Philippine government’s PPP program. If approved, the project could support economic growth in the Subic Bay Freeport Zone by improving connectivity for cargo and passengers.