MANILA – Due to the Ninoy Aquino International Airport- International Passenger Terminal III’s (NAIA-IPT3) expropriation, the national government has been ordered to pay $510,304,535.80 million to its owner and builder, the Philippine International Air Terminals Co., Inc. (PIATCO).
Aside from the $500 million, the government also has to pay six percent legal interest from January 1, 2015 until the date the payment is completed.
“Piatco, as the owner of the NAIA-IPT III, shall solely receive the just compensation,” a Supreme Court resolution read.
“The principal amount of just compensation is fixed at $326,932,221.26 as of December 21, 2004. Thereafter, the amount of $267,493,617.26, which is the difference between $326,932,221.26 and the proffered value of $59,438,604.00, shall earn a straight interest of 12 percent per annum from September 11, 2006 until June 30, 2013,” the 143-page resolution continued.
Although there were other claimants of NAIA-IPT III, the PIATCO remained the original contracting party commissioned on a build-operate-transfer arrangement.
“[PIATCO] is the owner of the expropriated property who is constitutionally entitled to just compensation. Other claimants should be impleaded or may intervene in the eminent domain case if the ownership of the property is uncertain or there are conflicting claims on the property,” the resolution read.
While in the process of direct payment, the government would still be permitted to operate the NAIA-IPT III until it can assume ownership.