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Philippines May Sell Manila Airport, Raise Up to $2.5 Billion

The Philippines will consider selling the main Manila airport estimated to raise as much as $2.5 billion that the government can use to help fund the construction of an international airport in Clark, north of Manila, Transportation and Communications Secretary Mar Roxas said in a statement today.

“All of these are just plans and will not happen overnight or within one to three years,” Roxas said in the statement. A study by the transport department showed the 30-year-old Ninoy Aquino International Airport in the capital has reached “saturation point” and doesn’t have much room for expansion.

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