Fri Oct 04 04:32:06 UTC 2024: ## Aboitiz InfraCapital Wins Contract to Upgrade and Operate Laguindingan Airport in Southern Philippines
**[City, Date]** – Aboitiz InfraCapital, the infrastructure arm of the Aboitiz Equity Ventures conglomerate, has secured a contract to upgrade and operate Laguindingan Airport in Misamis Oriental, southern Philippines. The company will invest a substantial 12.8 billion pesos ($226 million) in the project, marking a significant step in its expansion of airport operations in the country.
The 30-year contract, set to be signed with the Philippine government by the end of the month, will see Aboitiz InfraCapital responsible for modernizing the airport’s facilities and ensuring its efficient operation. The company has expressed its commitment to expanding its airport portfolio, having recently acquired Mactan-Cebu International Airport and submitted proposals for other upgrades, including the new Bohol-Panglao International Airport.
This move aligns with the Philippine government’s strategy of engaging private companies to revitalize its aging airport infrastructure. In a similar development, a consortium led by San Miguel Corp. took over the operations of Ninoy Aquino International Airport in Manila last month, pledging to invest 171 billion pesos in its modernization.
Aboitiz Equity Ventures, led by Sabin Aboitiz, is a prominent Philippine conglomerate with diverse interests in power, banking, food, and real estate. The family’s estimated net worth of $2.2 billion places them among the country’s wealthiest. This latest airport acquisition further strengthens their presence in the infrastructure sector.
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