The Department of Transportation (DOTr) and the Manila International Airport Authority (MIAA) signed the Concession Agreement with the SMC-SAP & Company Consortium for the Ninoy Aquino International Airport (NAIA) Public-Private Partnership (PPP) project in the Philippines.

The SMC-SAP & Company Consortium, now known as the New NAIA Infra Corp., is comprised of San Miguel Holdings Corp, RMM Asian Logistics Inc., RLW Aviation Development Inc., and Incheon International Airport Corp. With an estimated project cost of PHP 170.6 billion (US$ 3 billion), the consortium aims to significantly enhance the overall passenger experience by modernizing terminals, optimizing airport capacity, and ensuring reliable operations over a 15-year concession period, which could potentially be extended for an additional 10 years.

The project's objectives include increasing airport capacity from 35 million passengers per annum to 62 million passengers per annum and elevating air traffic movements from 40-42 per hour to 48 per hour.