In an attempt to address the escalating national debt, Finance Secretary Ralph G. Recto has proposed the potential sale of the expansive 600-hectare property currently housing the Ninoy Aquino International Airport (NAIA) in Parañaque City.
Recto estimates that by leveraging the vast NAIA property, equivalent to six million square meters, the government could accrue approximately PHP6 trillion in privatization proceeds. Speaking to reporters, Recto highlighted the significance of considering such a move to alleviate a substantial portion of the country’s debt burden.
By pricing each square meter at PHP1 million, the finance chief envisions a reduction in the national debt by almost 40%, signaling a potentially transformative impact on the country’s financial landscape.
However, the DOF boss acknowledged the current impracticality of the sale plan due to the absence of a viable alternative airport to replace NAIA. He emphasized the importance of foresight and speculated a different scenario in the future with the imminent operation of the New Manila International Airport in Bulacan, owned by the San Miguel Corporation (SMC).
The SMC, led by Ramon Ang, recently secured the contract to operate NAIA under a 15-year privatization agreement. Recto anticipates that once SMC’s license to operate NAIA expires, the Bulacan International Airport will be fully operational, potentially rendering NAIA obsolete.
Should NAIA be privatized, it would cease operations, and the new owner of the 600-hectare land could potentially transform it into a new business district, exceeding the size of the 240-hectare Bonifacio Global City (BGC).
Recto clarified that this speculative plan does not represent the current intentions of the Marcos administration but emphasized the importance of strategic thinking and preparation for potential future developments.