The negotiations involve airport authorities and San Miguel Corporation-backed New NAIA Infra Corp., as the group seeks to replace a decades-old lease structure following Ninoy Aquino International Airport (NAIA) privatization in Sept. 2024.
The lease expired more than six months ago, and the company continues to operate on the nearly 23-hectare site within the airport complex under a month-to-month arrangement since Sept. 1, 2025 while talks are ongoing.
Rates reset after two decades
“While waiting for the finalization of the ongoing negotiation, the company continues to occupy the leased land in accordance with the provisions of the original sublease agreement which is understood to be running on month-on-month basis starting September 1, 2025,” LTP said in its annual report.
“The group anticipates reaching mutually acceptable terms and conditions,” it added.
The original lease, signed in 2000, carried a rate of about P53 per square meter with periodic escalations, reaching roughly P64.84 per sqm by the time its 25-year lease expired in August 2025.
MacroAsia has disclosed that ongoing talks could push lease rates sharply higher to around P710 per sqm, implying a potential increase of about 995 percent from current levels as rates are reset after more than two decades.
Profit engine at stake
MacroAsia posted net income of about P1.61 billion in 2025, driven largely by its share in LTP earnings of P1.34 billion.
Its core businesses remain led by inflight catering, which accounts for 49 percent of revenues, and ground handling and aviation services at 43 percent, both of which operate on thinner margins.
—Edited by Miguel R. Camus
