Recognizing the critical role of infrastructure in national progress, BDO Unibank Inc. (BDO) has reaffirmed its commitment to supporting projects that enhance essential services and promote sustainable growth.
Through its participation in the Ninoy Aquino International Airport (NAIA) modernization, BDO continues to be a key partner in transforming the country’s primary air gateway to improve connectivity and unlock economic opportunities.
Facilitated by BDO’s Institutional Banking Group and BDO Capital & Investment Corp., the bank helped secure PHP 80 billion (USD 1.42 billion) in funding for New NAIA Infrastructure Corp. (NNIC), the consortium awarded the concession to rehabilitate and modernize NAIA.
“BDO has been a steadfast partner in infrastructure development, ensuring projects like the NAIA modernization have the necessary financial backing to succeed,” said Eduardo V. Francisco, president of BDO Capital.
“This initiative will drive economic growth, improve air mobility, and enhance the Philippines’ position as a regional hub,” he added.
Charles M. Rodriguez, BDO executive vice president and head of Institutional Banking Group, said the bank takes pride in supporting “transformative projects that create long-term value for businesses and communities.”
“The modernization of NAIA is a milestone in improving air travel efficiency and accessibility for millions of Filipinos,” Rodriguez said.
The NNIC consortium, led by San Miguel Holdings Corp.—the infrastructure arm of San Miguel Corp. (SMC)—includes RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp. (IIAC).
SMC brings extensive infrastructure expertise and is a major economic contributor, with businesses accounting for roughly 6 percent of the country’s gross domestic product.
IIAC, wholly owned by the South Korean government and operator of Incheon Airport, one of Asia’s busiest and best-managed airports, provides global best practices in airport management, technology, and operational efficiency.
Their involvement underscores strong international confidence in the Philippines’ infrastructure modernization efforts.
BDO’s ability to mobilize capital swiftly and efficiently highlights its leadership in large-scale infrastructure financing.
BDO Capital, in coordination with other investment banks, structured the deal to ensure a seamless funding process for NNIC, despite complex market dynamics.
“BDO’s support has been crucial in providing the resources needed to modernize NAIA,” said Angelito Alvarez, general manager of NNIC.
“Their financial expertise strengthens our efforts to transform the airport into a world-class gateway that drives economic growth, improves connectivity, and delivers a seamless travel experience for millions of passengers,” he added.
The NAIA modernization project, awarded before the end of 2024, is one of the administration’s flagship infrastructure initiatives.
Understanding the fiscal constraints facing the government, BDO is leveraging private sector collaboration to ensure critical infrastructure programs stay on track.
As the largest public-private partnership (PPP) under the current administration, the project is expected to generate significant revenue for the government while creating jobs, boosting tourism, and attracting foreign investment.
The airport overhaul is part of a broader transport infrastructure upgrade, which includes projects like the Metro Manila Subway and the New Manila International Airport in Bulacan.
