PHILIPPINES: MIAA to pay arrears on leased land

The Manila International Airport Authority (MIAA) said it will settle the 500 million pesos in arrears for the leased lot from the state-owned Bases Conversion Development Authority (BCDA). BCDA president Narciso Abaya said that MIAA has indicated in a memorandum that they are willing to pay subject to the opinion of the Department of Justice. […]


The Manila International Airport Authority (MIAA) said it will settle the 500 million pesos in arrears for the leased lot from the state-owned Bases Conversion Development Authority (BCDA).

BCDA president Narciso Abaya said that MIAA has indicated in a memorandum that they are willing to pay subject to the opinion of the Department of Justice.

The 500 million pesos in arrears do not include the 10 percent escalation rate in the 150 million pesos annual lease payments under the agreement. MIAA’s move to pay the arrears is on condition that the lease payments should begin upon the commercial operation of Terminal 3. – Edu Lopez