FDC recently committed to its first investment in infrastructure with its participation in the North Luzon Airport Consortium, which won the bid to operate and maintain Clark International Airport. FDC is the lead consortium member, with a 42.5% stake in the recently incorporated Luzon International Premier Airport Development Corporation (LIPAD). LIPAD, whose other owners include JG Summit, Changi Airports Philippines (I) Pte., Ltd. and Philippine Airport Ground Support Solutions, Inc., recently signed a 25-year agreement to develop commercial assets, operate and maintain project facilities and fit-out the new terminal in the Clark International Airport.

A 76% increase in 2018 passenger traffic over the previous year even without the new terminal in place demonstrates robust passenger growth for this premier regional airport. Aside from servicing its own catchment area of Central Luzon with a population of 11 million, it serves as a backup to the two-runway premier gateway of the country, Ninoy Aquino International Airport. Central Luzon experienced a