Early this week, the Philippines paid P3 Billion (about $60 Million) to PIATCO (Philippine International Air Terminals Co. ) as part of the $465 Million the country owes with the consortium that built NAIA Terminal 3. MIAA (Manila Internal Airport Authority) general manager Alfonso Cusi received the “writ of possession” which effectively gives the country ownership of the airport that has been mothballed since the Supreme Court nullified the build-operate-transfer contract with Piatco in 2002.

The Terminal was designed to handle 13 million passengers per year but since 2002, it has been a non-performing asset and one of the greatest symbols of corruption in the Philippines.

Although I see the move to take over the airport as a sign toward growth/improvement, I can’t help to recall that master card advertisment: Terminal 1 - $29.6 M , Terminal 2 - Y18.12 B, Terminal 3 - P600B, Getting away with corruption? Priceless!

News Sources:
Manila Standard - GMA wants resumption of work on new airport
Philippine Star - GMA wants resumption of work on new airport
ABS-CBN News - Govt pays Fraport group P3B over dispute
INQ7.net - Philippines pays Fraport group $59M over dispute