ABOITIZ InfraCapital, Inc. (AIC) has officially received the notice of award to upgrade, operate, and maintain the Bohol-Panglao International Airport, its parent firm announced on Wednesday, detailing its immediate plans for enhancing the Philippines’ ninth busiest gateway.

In a regulatory filing, Aboitiz Equity Ventures, Inc. said its infrastructure arm is expected to sign the concession agreement by the end of the year.

The Transportation department previously announced that Aboitiz InfraCapital would be awarded the P4.53-billion contract for Bohol-Panglao International Airport’s operations and maintenance after the Swiss Challenge ended with no other bids.

This is the group’s second airport public-private partnership project this year, following the award of Laguindingan International Airport after no other parties challenged its unsolicited proposal.

“This project is not just about upgrading facilities but also about boosting economic opportunities, enhancing tourism, and improving connectivity in the Visayas region, and we are excited to be a part of this initiative,” Aboitiz InfraCapital President and Chief Executive Officer Cosette V. Canilao said in a statement.

The company said that it will expand the passenger terminal building and modernize airside and landside facilities of the airport within its 30-year concession period.

Ms. Canilao said on the sidelines of BusinessWorld Forecast 2025 Forum on Tuesday that the company plans to tap Ireland-based daa International as its technical services provider for Bohol-Panglao airport.

Improvements and enhancements will be immediately implemented at the airport as early as next year, she told reporters.

Aboitiz InfraCapital is scheduled to take over the operations and maintenance of Bohol-Panglao International Airport by June 2025, according to the timeline set by the Transportation department.

In its statement on Wednesday, Aboitiz InfraCapital said it will invest to increase the airport’s capacity from the current two million passengers annually to 2.5 million within two years.

“These investments will enhance the passenger experience, improve operational efficiency, and elevate the airport’s safety and security standards, aligning with AIC’s vision of creating globally competitive airports that showcase the best of the Philippines,” the company said.

The company expects to finish its capacity expansion initiatives for the airport by 2030, allowing it to reach 3.9 million passengers per annum, it said.

At the stock exchange on Wednesday, shares in Aboitiz Equity fell by 40 centavos, or 1.17%, to end at P33.90 apiece. — Ashley Erika O. Jose