Aboitiz InfraCapital, Inc. (AIC) is expanding its airport portfolio after securing a deal to upgrade, operate, and maintain Bohol-Panglao International Airport.
In a statement on Wednesday, Nov. 27, the infrastructure arm of the Aboitiz Group said it received the notice of award (NOA) from the Department of Transportation and Civil Aviation Authority on Nov. 18.
The company said the official signing of the concession agreement is expected by the end of 2024, marking AIC's second successful airport public-private partnership (PPP) project this year, following the award of Laguindingan International Airport.
“Our commitment to modernizing the Bohol-Panglao International Airport underscores our vision of creating world-class infrastructure that enables progress in key growth areas of the Philippines," Cosette V. Canilao, Aboitiz InfraCapital president and chief executive officer, said.
"This project is not just about upgrading facilities but also about boosting economic opportunities, enhancing tourism, and improving connectivity in the Visayas region, and we are excited to be a part of this initiative,” she added.
The P4.53 billion project will involve expanding the passenger terminal building, installing new equipment, and modernizing various facilities within a 30-year concession period.
AIC plans to increase the airport's capacity to 2.5 million passengers per annum (mppa) within the first two years of operation, up from the current two mppa.
Further expansions are planned for completion by 2030, aiming to raise the capacity to 3.9 mppa.
"Bohol-Panglao International Airport is a fast-growing gateway to one of the Philippines' most emerging and iconic tourism destinations, and we are honored to play a role in elevating its stature," Rafael Aboitiz, AIC vice president and head of airports business, said.
“Through this project, we aim to bring the same level of excellence and innovation that we are demonstrating with Mactan-Cebu International Airport,” he added.
Bohol-Panglao International Airport, the country’s ninth-busiest airport, joins AIC's growing network of airports, including the award-winning Mactan-Cebu International Airport and Laguindingan International Airport, which AIC is scheduled to take over by April 2025.
The company noted that these projects are part of its broader strategy to develop and manage infrastructure assets that enhance connectivity across the Philippines.