BCDA triples NAIA T3 land lease to P600M

• The Bases Conversion and Development Authority raised the land lease for the Ninoy Aquino International Airport Terminal 3 to P600 million from P200 million

• BCDA says it also is open to selling the property to lessor Manila International Airport Authority (MIAA), valued at P50 billion

• MIAA’s 25-year lease agreement with the agency for the 60-hectare land in Pasay City expired in 2023

• BCDA expects the hike in rental rate will generate more revenues for the agency

The Bases Conversion and Development Authority (BCDA) is raising the annual lease rental for the property being used by the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City, BCDA president and chief executive officer Joshua Bingcang said.

Bingcang announced that the hike in annual lease—from the current P200 million to P600 million per year—reflects the rising value of the 60-hectare property.

“The (lease rental rate) in 1997 is different from the price in 2024. Before, it was P200 million a year. We are projecting at least P600 million a year (to rent out the Pasay) property,” Bingcang pointed out.

BCDA expects the hike in rental rate will generate more revenues for the agency responsible for developing the country’s former military bases.

BCDA’s 25-year lease agreement with the Manila International Airport Authority (MIAA), covering the property where the NAIA T3 is situated, expired last year, Bingcang said.

Another option being considered by BCDA is to sell the NAIA Terminal 3 property to lessor MIAA which will provide immediate cash returns. “The value of that property alone, if you will sell it, is P50 billion,” the BCDA president said.

He added that MIAA has no outstanding debts and is “up to date” in lease payments.