President Marcos welcomed the signing of the concession agreement for the Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP), saying the long overdue rehabilitation of the country's main gateway not only contributes to the government's coffers but to the comfort of its passengers.

Marcos said this as he witnessed the ceremonial signing of what he called a "fairly major catch-up plan" in Malacañan on Monday morning, March 18, 2024. The agreement was signed by Transportation Secretary Jaime Bautista, Manila International Airport Authority (MIAA) General Manager Eric Ines, and San Miguel Corporation (SMC) President and CEO Ramon Ang.

In his speech, the President urged the SMC to fulfill its commitments to this PPP project, reminding it that the project is an investment in the future.

"This undertaking is not just about revenues... but resources invested in the airport and, in many ways, it is an investment in the future," he said.

Marcos highlighted the need to rehabilitate the airport, citing its "shredded reputation" not caused by bad press but by its poor state.

"Kailangan na kailangan na natin ayusin ito (We really need to fix this)," he said.

"The gate that should be the red carpet to our country has become a dirty rug that unfairly defines a visitor's first impression," he added.

President Marcos said NAIA requires a "major overhaul" as its adverse effects on travel and the economy are more damaging than the unflattering headlines.

"In a nutshell, we are embarking, and we have to admit this, on a fairly major catch-up plan," he said.

"The postponed improvement of the airport has resulted in delayed and reduced number of flights. So due to insufficient flights, visitor arrivals have suffered, denying our economy billions in tourism receipts," he added.

"The main cause of the airport's woes is no secret— it's been operating beyond capacity for many years now. Since that is the case, the restoration of this airport should go beyond its physical design and structure. it requires a major overhaul," he continued.

The PPP, worth P170.6 billion, all of the airport's facilities such as the runways, terminals, and other facilities. It is poised to improve the overall passenger experience and service quality at the NAIA.

According to the President, once the NAIA modernization is complete, its runway capacity will increase at least 48 air traffic movements at peak hourly rate. The airport’s passenger capacity is likewise expected to accommodate 62 million passengers annually.

The project is likewise expected to generate P900 billion of earnings for the national government or about P36 billion annually over its full 25-year concession period. This will allow the government to redirect its earnings to other social and infrastructure projects.

Marcos added that the PPP will mobilize approximately P88 billion in capital investment within its first six years of operation, this is more than eight times the disbursed capital investment for the Manila International Airport since 2010.

The private sector will likewise pay the government approximately P1.052 trillion "in the next 15+10 years." This is more than 15 times the amount remitted by the MIAA to the national government since 2010.