MANILA, The Philippines aviation industry is on the cusp of a significant transformation, and is poised to become an aviation hub in Asia by 2028, lifted by its airport privatisation initiatives and the completion of its new airport. Department of Transportation Secretary Jaime Bautista said this advancement would be fueled by increased investment and private sector involvement in crucial areas like infrastructure, human capital, and sustainable development. 'We are in the process of privatising the operations of selected regional airports as part of the strategy to improve airport operations and maintenance. 'The formula has been proven successful in the privatisation of the operations of international airports such as Clark International Airport and Mactan-Cebu International Airport,' he said on the sidelines of the 2024 Aviation Summit Philippines today. He said the government has difficulty modernising the port because of the procedures and investment policies that need budgeting and finance. 'So, w e look at the private sector to help us modernise the airport. We're privatising just the operations as the private sector is more efficient and customer-centric,' he said. Recently in April, the country has undertaken the privatisation of Ninoy Aquino International Airport (NAIA) to drive economic growth and position the Philippines as a premier tourism and investment hub. The contract was awarded by the government to the consortium led by San Miguel Corp. (SMC) which offered the Philippines government a revenue share of 82.16 per cent. Under the contract, the group, which includes the operator of South Korea's Incheon airport, would manage the Philippines' main gateway until 2039. It is the third major airport privatisation in the country. Through public-private partnerships (PPP), Bautista expects to finally raise NAIA's capacity to 62 million from 35 million passengers per annum. 'The airport rehabilitation should generate more than 58,000 jobs due to increased tourism arrivals and spending,' he sai d. The country will also see another new airport, the New Manila International Airport, which is also known as Bulacan International Airport, which is under construction on the coastal area 35 kilometres north of Manila, the capital of the Philippines. The Philippine economy is projected to sustain over six per cent growth through 2029 and inflation to stabilise at three per cent. Source: BERNAMA News Agency