The award of the contract to SMC SA & Co. is expected to result to PHP900 billion in revenues for the government.

The consortium received the notice of award just six months after the Department of Transportation opened the bidding process, making it the swiftest privatization processes for a government asset in history.

As indicated in the terms of agreement, the SMC SA & Co consortium will manage the airport until 2039. The group is required to invest at least P122.3 billion, or P4.89 billion per year, over a 25-year period.

Government may extend the deal for at least ten years depending on the performance of the consortium.

For the initial six years, the consortium must spend a minimum of P88 billion to upgrade the airport's services. The consortium won the contract by offering the government the highest revenue share of 82.16 percent, surpassing rivals' offers.

In total, the government expects to generate over P900 billion in revenue from the operations and maintenance of NAIA, with over 82 percent share in earnings, an upfront payment of P30 billion, and an annuity cost of P2 billion.

Transportation Secretary Jaime Bautista emphasized the urgent need to improve NAIA to accommodate the growing demand for air travel, as the New Manila International Airport (NMIA) in Bulacan, also being built by SMC, will only become operational by 2028.

The consortium is mandated to increase NAIA's passenger capacity to at least 62 million per annum. Bautista noted that by 2050, the Philippines will require an airport capable of handling up to 100 million passengers per annum.