The Bases Conversion and Development Authority (BCDA) is raising by threefold the lease price for the property where the Ninoy Aquino International Airport (NAIA) Terminal 3 is located, its president and chief executive officer Joshua Bingcang said.

From a lease rate of PHP200 million annually for the 60-hectare land in Pasay City, BCDA hiked the fee to PHP600 million.

Bingcang told reporters in a recent interview that the 25-year lease term for the NAIA T3 property ended last year.

“One of the biggest revenue potentials also of BCDA is the renewal of the lease for the land where Terminal 3 is located,” Bingcang said.

“Basically, we’re projecting at least PHP600 million a year (for) just one property,” he added.

Bingcang said BCDA is also open to selling the property to the Manila International Airport Authority, which manages the country’s main gateway.

“The value of that property alone, if you will sell it, one of the assets of the government at a zonal value is PHP50 billion,” he added. (PNA)