Aboitiz Infra-Capital officially signed on Wednesday the concession agreement for its takeover of the operations and maintenance of the Bohol Panglao International Airport (BPIA) in Panglao town.

President Ferdinand Marcos, Jr. and Aboitiz Group CEO Sabin Aboitiz led the signing ceremony at the Kalayaan Hall in Malacañang, Manila.

Aboitiz, in a speech, said AIC’s goal is to transform the six-year-old airport into a “world-class” gateway.

Under the P4.53-billion concession agreement, AIC will undertake the airport’s development and modernization over a 30-year period after the official turnover in 2025.

“With this investment, the [BPIA] will be modernized. It’s capacity will be expanded and its passenger service experience will be significantly improved,” said Aboitiz.

“We may have the most beautiful beaches in the world and the most beautiful islands and resorts in the world, but you need good airports to get there,” he added.

The BPIA’s capacity will be increased to 3.9 million passengers annually from the current 2 million in two construction phases.

The project will also include the construction of a new passenger terminal and installation of additional equipment and facilities.

Earlier, the National Economic and Development Authority (NEDA) awarded the major infrastructure project to AIC.

Bohol’s top officials including Governor Aris Aumentado, first district Rep. Edgar Chatto, second district Rep. Vanessa Aumentado, and third district Rep. Alexie Tutor also attended the ceremony.

In his message, Aumentado said the project will further spur economic growth in the province by drawing more investors.

“The entry of Aboitiz will encourage more investment in the local economy. May this project succeed in uplifting the lives of Boholanos and Filipinos through improved access to air travel. (A. Doydora)