(Manila, 28th) Aboitiz InfraCapital, Inc. (AIC) of the Philippines said on Wednesday that the modernization of the Bohol-Panglao International Airport (BPIA) will help drive economic development on Bohol Island.
"AIC President and CEO Cosette Canilao stated in a statement: "The modernization of BPIA is not just an upgrade of infrastructure, but an important step in supporting Bohol Island to become a vibrant tourism and economic hub in the Visayas region. We are honored to support the province's development vision through transformative infrastructure construction."
The airport's operational rights will be officially transferred to AIC on June 22, with an investment of 4.53 billion Philippine pesos (approximately 285 million yuan), including the expansion of the passenger terminal, installation of modern aviation systems, and improvement of airside and landside facilities.
AIC pointed out that these upgrades will create favorable conditions for tourism expansion and regional economic development.
"AIC Vice President for Airport Operations, Rafael Aboitiz, stated: "This project not only enhances the airport experience but will also inject vitality into the local economy."
BPIA will become the third airport in AIC's aviation portfolio, alongside Mactan-Cebu International Airport in Cebu and Laguindingan International Airport in Mindanao.
AIC plans to increase BPIA’s annual passenger capacity from the current 2 million to 2.5 million within 1 to 2 years after taking over and to further expand it to 3.9 million annually by 2030.
AIC stated that the airport modernization plan will align with the economic development priorities proposed by the Bohol Provincial Planning and Development Office, including sustainable tourism, climate-smart agriculture, and micro-enterprise growth.
"AIC President and CEO Cosette Canilao stated in a statement: "The modernization of BPIA is not just an upgrade of infrastructure, but an important step in supporting Bohol Island to become a vibrant tourism and economic hub in the Visayas region. We are honored to support the province's development vision through transformative infrastructure construction."
The airport's operational rights will be officially transferred to AIC on June 22, with an investment of 4.53 billion Philippine pesos (approximately 285 million yuan), including the expansion of the passenger terminal, installation of modern aviation systems, and improvement of airside and landside facilities.
AIC pointed out that these upgrades will create favorable conditions for tourism expansion and regional economic development.
"AIC Vice President for Airport Operations, Rafael Aboitiz, stated: "This project not only enhances the airport experience but will also inject vitality into the local economy."
BPIA will become the third airport in AIC's aviation portfolio, alongside Mactan-Cebu International Airport in Cebu and Laguindingan International Airport in Mindanao.
AIC plans to increase BPIA’s annual passenger capacity from the current 2 million to 2.5 million within 1 to 2 years after taking over and to further expand it to 3.9 million annually by 2030.
AIC stated that the airport modernization plan will align with the economic development priorities proposed by the Bohol Provincial Planning and Development Office, including sustainable tourism, climate-smart agriculture, and micro-enterprise growth.