ABOITIZ InfraCapital, Inc. (AIC), the infrastructure arm of the Aboitiz Group, said Wednesday it has received the notice of award (NOA) to upgrade, operate and maintain the Bohol-Panglao International Airport, with upgrades set to take effect starting next year.
In a disclosure, AIC parent Aboitiz Equity Ventures, Inc. (AEV) said the NOA was issued by the Department of Transportation (DOTR) and Civil Aviation Authority of the Philippines on Nov. 18, 2024.
“Our commitment to modernizing the Bohol-Panglao International Airport underscores our vision of creating world-class infrastructure that enables progress in key growth areas of the Philippines,” AIC President and CEO Cosette Canilao said.
The project is also expected to boost economic growth opportunities, enhance tourism and improve connectivity in the Visayas region, Canilao added.
This development marks AIC’s second successful public-private partnership (PPP) for the year via an unsolicited bid after Laguindingan International Airport.
AIC is set to take over Laguindingan airport by April next year and Bohol airport by June of the same year, further expanding the Aboitiz group’s airport business in the Visayas-Mindanao region.
Last month, AIC assumed full ownership of Aboitiz GMR Megawide Cebu Airport Corp. (AGMCAC), developer and operator of Mactan-Cebu International Airport (MCIA), via an exchange of previously issued notes worth P15.5 billion.
The proposed P4.5 billion upgrade of the Bohol airport involves expanding its passenger terminal building, installing essential equipment, and modernizing airside and landside facilities.
Operational efficiencies and investments will be introduced to increase the airport’s capacity to 2.5 million passengers per annum within one to two years of operations from the existing 2 million passengers per year.
By 2030, once capacity expansion work is complete, AIC expects the airport to be able to accommodate 3.9 million passengers per year.
“Bohol-Panglao International Airport is a fast-growing gateway to one of the Philippines’ most emerging and iconic tourism destinations,” said Rafael Aboitiz, AIC vice president and head of airports business.
“Through this project, we aim to bring the same level of excellence and innovation that we are demonstrating with Mactan-Cebu International Airport,” he added.
Shares of AIC parent AEV were down 40 centavos, or 1.17 percent, at P33.90 apiece on Wednesday amid a 1.53 percent drop for the benchmark Philippine Stock Exchange index.