MANILA- Aboitiz InfraCapital Inc on Thursday announced that it is set to upgrade, operate and maintain Laguindingan Airport in Misamis Oriental, which is Mindanao's second busiest gateway after the Davao International Airport.

In a disclosure to the stock exchange, AIC said it received the notice of award from the Department of Transportation and the Civil Aviation Authority.

AIC said it aims to modernize and transform the airport into a world-class gateway that will boost connectivity, tourism, and economic growth in Northern Mindanao.

“This deal marks another major step in our Airports Platform, and we remain optimistic as we pursue further opportunities with other regional airports. Together with the government, we are committed to making this vision a reality,” said AIC President and CEO Cosette Canilao.

The project is estimated to cost P12.75 billion and involves renovating and expanding existing facilities such as the airport’s passenger terminal building, equipment installation, and airside and landside facility enhancement and development for a 30-year concession period. 

"Laguindingan International Airport is part of AIC’s broader strategy to develop and manage infrastructure assets that enhance connectivity across the Philippines," AIC said.

AIC, together with its partner GMCAC, also currently operates the Mactan Cebu International Airport, whose Terminal 2 recently received a prestigious 4-star rating from globally renowned aviation consultancy Skytrax.

“Building on our experience at the award-winning Mactan Cebu International Airport we are

excited to bring our home-grown Filipino brand of airport operations to Misamis Oriental. We are confident Laguindingan Airport will drive socio-economic progress in the region as airports are a force-multiplier in driving socio-economic progress through job creation, tourism development and expanded connectivity,” said Rafael Aboitiz, AIC Vice President - Head for Airports Business.

Aboitiz was part of the "super consortium" which also bid for the NAIA modernization contract but was outbid by another group led by San Miguel Corp.