Recto revives plan to sell NAIA assets

Finance Secretary Ralph Recto has revived plans to sell the assets of the Ninoy Aquino International Airport (NAIA) and turn it into a new business district to generate additional revenues for state coffers.

On the sidelines of his confirmation as finance chief yesterday, Recto said the department is focusing on one-time huge gains via privatization, apart from tax administration, as part of measures to boost government revenues.

One of these is the 600-hectare NAIA, the country’s main gateway, whose rehabilitation was recently awarded to San Miguel Corp. (SMC).

“I’m more serious in NAIA because that is one of the biggest government assets. There’s great potential there,” Recto told reporters.

The idea is not new as former finance secretary Carlos Dominguez agreed to a proposal that NAIA be privatized to collect one-time gains for debt payments.

Before the Marcos administration assumed office in 2022, economist and House committee on ways and means chair Rep. Joey Salceda encouraged the new government to sell the NAIA assets.

Recto said the proposal could be considered especially as SMC is building the New Manila International Airport in Bulacan, the single largest investment in the country to date.

“Let’s say it (NAIA) is a 15year (contract). And then Bulacan (airport) will be finished. So later on, will there be a need for that? Don’t you want to build more BGCs (Bonifacio Global City)?” Recto said.

“I’m not saying that we will do that. I’m saying we should be thinking about things like that,” he said.

Similarly, Dominguez also earlier said that NAIA can potentially be a mixed-use development.

“It’s worth exploring moving forward. You can do many things. You can auction it like 25 hectares, and then another 25 so the value keeps on increasing,” Recto said.

Likewise, Recto is banking on the Metro Manila Subway, which will pass through the business district to easily connect NAIA and BGC and drive economic activities.

Apart from NAIA, Recto said the Bureau of Corrections in Muntinlupa may also be looked into, as well as the privatization of various mining and real estate assets.