ANNEX A - ppp.gov.ph

Feasibility Study for the Panglao Island Airport Development Project

ANNEX A


PASSENGER SURVEY RESULTSARRIVING PASSENGERS

PROFILE OF THE RESPONDENTS

Nationality of Respondents GenderCategory No. % Category No. %

Filipino 80 94% Male 49 58%Foreigner 5 6% Female 36 42%

Total 85 100% Total 85 100%

AgeCategory No. %19 & below 6 7% Marital Status20 to 29 25 29% Category No. %30 to 39 21 25% Single 31 36%40 to 49 17 20% Married 46 54%50 to 59 5 6% Widowed 1 1%60 to 69 3 4% No reply 7 8%70 & above 1 1% Total 85 100%No response 7 8%

Total 85 100%

Home Address Category No. % Average Monthly Income

NCR 28 33% Category No. %Region VII 29 34% Php 7,500 - below 5 6%Region IV-A 11 13% P7,500 to P15,000 18 21%Region I 2 2% P15,001 to P30,000 5 6%Region XI 2 2% P30,001 to 45,000 9 11%outside the Philippines 2 2% P 45,001- above 21 25%No reply 11 13% No reply 27 32%Total 85 100% Total 85 100%

PASSAGE INFORMATION

AirfareCategoryPALCebu Pacific

Airfare Payment Traveling in a Group?Category No. % Category No. %By employer/sponsor 21 25% Yes 41 48%By individual 60 71% No 30 35%No reply 4 5% No reply 14 16%Total 85 100% Total 85 100%

Number of Persons Accompanying the RespondentCategory No. %1 8 9%2 10 12%3 7 8%4 5 6%5 4 5%6 TO 10 4 5%11 above 0 0%No reply 47 55%

Total 85 100%

Checked- in Baggages Hand Carried BaggagesNo. of Baggages No. % No. of Baggages No. %1 35 41% 1 46 54%2 20 24% 2 22 26%3 16 19% 3 13 15%No reply 14 16% No reply 4 5%

Total 85 100% Total 85 100%

No. of respondents4441

Average FarePhp4,601.42Php4,069.80

Annex A - 1


TRIP DETAILS

Actual OriginCategory No. % Characteristic of Origin

NCR 71 84% Category No. %Region IV-A 5 6% Home 57 67%Region VII 2 2% Tourist Spot 6 7%Region III 1 1% Office / Work Place 12 14%Region X 1 1% Others 5 6%outside the Philippines 4 5% No reply 5 6%No reply 1 1% Total 85 100%Total 85 100%

Main Mode of travel to Airport of OriginCategory No. %

Own vehicle/ Private Vehicle 43 51%

Bus/ Jeepney/ Tricycle 9 11%Office Service Vehicle 7 8%Taxi/ Rental vehicle 22 26%by Air/Water 4 5%Others 0 0%

Total 85 100%

Final DestinationCity/Municipality No. %

Tagbilaran 54 64%Panglao 14 16% Characteristic of Final destinationDauis 3 4% Category No. %Ubay 2 2% Home 43 51%Calape 3 4% Tourist Spot 30 35%Jagna 1 1% Office/ Work Place 6 7%Valencia 1 1% Others 1 1%Albur 1 1% No reply 5 6%Antequera 1 1% Total 85 100%Loboc 1 1%No reply 4 5%Total 85 100%

Length of Stay at Final Destinationvisitors visitor-days Average length of stay

Foreigners 5 48 10 daysFilipino tourists 26 99 4 days

Frequency of the same TripCategory No. %

Weekly 1 1%Monthly 8 9%Yearly 42 49%Others (first time, seldom, etc.) 22 26%No reply 12 14%Total 85 100%

Purpose of Travel, FilipinosCategory No. %

To home 32 38%To work 12 14%To school 3 4%Social Visit 6 7%Business 2 2%Leisure 28 33%Others 2 2%Total 85 100% [Some respondents have dual travel purposes.]

Annex A - 2


Main Mode of travel to Airport of Origin

No. % No. % No. %Own vehicle/ Private Vehicle 18 34.6% 121 30.8% 139 31.2%

Bus/ Jeepney/ Tricycle 6 11.5% 35 8.9% 41 9.2%Office Service Vehicle 0 0.0% 9 2.3% 9 2.0%Taxi/ Rental vehicle 28 53.8% 225 57.3% 253 56.9%Air/Water 1 1.9% 2 0.5% 3 0.7%

Total 53 101.9% 392 99.7% 445 100.0%

Which airport terminal facility do you think requires improvement?Category No. %

Baggage handling 62 73%Air-Conditioning 39 46%Circulation Area, Walking Space 35 41%Vehicular Parking 32 38%Toilet Facilities 28 33%Others 3 4% [Some respondents indicated more than one facility.]

Which airport-related service do you think needs improvement?Category No. %

Ground Transport 41 48%Airport Security 36 42%Information Service 36 42%Others 6 7% [Some respondents indicated more than one service.]

Amenities you want to be available in the new airportCategory No. %

Restaurant 61 72%Snack bar 45 53%Coffee shop 43 51%Souvenir Shop 39 46%Gift Shop 39 46%Internet café 35 41%News stand 33 39%Book Store 32 38%Pastry shop 31 36%Info Center 30 35%Massage Parlor 25 29%

DEPARTING PASSENGERS

PROFILE OF THE RESPONDENTS

Nationality of Respondents Gender

Category No. % Category No. %Filipino 159 86% Male 75 41%Foreigner 26 14% Female 110 59%

Total 185 100% Total 185 100%

AgeCategory No. %19 & below 19 10% Marital Status20 to 29 40 22% Category No. %30 to 39 48 26% Single 79 43%40 to 49 43 23% Married 98 53%50 to 59 21 11% Widowed 5 3%60 to 69 6 3% Separated 1 1%70 & above 2 1% No reply 2 1%No reply 6 3% Total 185 100%

Total 185 100%

TotalCategory Domestic Passengers Domestic Passengers

Annex A - 3


Home Address

No. % Average Monthly IncomeBohol (Region VII) 69 37% Category No. %NCR 42 23% Php 7,500 - below 21 11%Region IVA 21 11% P7,500 to P15,000 26 14%Region III 10 5% P15,001 to P30,000 23 12%Region I 3 2% P30,001 to 45,000 11 6%Region XI 1 1% P 45,001- above 37 20%CAR 1 1% No reply 67 36%outside the Philippines 26 14% Total 185 100%No reply 12 6%

Total 185 100%

PASSAGE INFORMATION

Airfare Airfare PaymentCategory Category No. %

PAL By sponsor 31 17%Cebu Pacific By individual 140 76%

No reply 14 8%Total 185 100%

Traveling in a Group?Category No. %Yes 86 46%No 71 38%No reply 28 15%

Total 185 100%

Number of Persons Accompanying the RespondentsCategory No. %1 24 13%2 17 9%3 13 7%4 16 9%5 11 6%6 to 10 13 7%11 and above 3 2%No reply 88 48%

Total 185 100%

Hand Carried Baggages Checked -in BaggagesNo. of Baggages No. % No. of Baggages No. %1 97 52% 1 71 38%2 40 22% 2 40 22%3 24 13% 3 22 12%No reply 24 13% No reply 52 28%

Total 185 100% Total 185 100%

TRIP DETAILS

Characteristic of Origin Mode of travel from Actual Origin to Transfer PointCategory No. % Category No. %Home 101 55% Own vehicle 45 24%Tourist Spot 34 18% Bus/Jeepney/Tricycle 42 23%Office/Work Place 22 12% Office Service Vehicle 8 4%Others 5 3% Taxi/Rented Vehicle 57 31%No reply 23 12% Air/Water 20 11%Total 185 100% Others 4 2%

No transfer/no reply 9 5%Total 185 100%

Category Domestic Passengers

Average Fare (Php)

4,069.80 4,643.52

Annex A - 4


Characteristic of Transfer Point Mode of travel to Tagbilaran AirportCategory No. % Category No. %Port/Airport 106 57% Own vehicle 36 19%Terminal/Station 7 4% Bus/Jeepney/Tricycle 26 14%Tourist Spot 9 5% Office Service Vehicle 12 6%Others 0 0% Taxi/Rented Vehicle 58 31%No transfer/no reply 63 34% Air/Water 16 9%Total 185 100% Others 5 3%

No reply 32 17%Total 185 100%

Characteristic of Final Destination Frequency of this same tripCategory No. % Category No. %Home 105 57% Weekly 2 1%Office/Work Place 27 15% Monthly 20 11%Tourist Spot 17 9% Yearly 87 47%Others 11 6% Others 35 19%No reply 25 14% No reply 41 22%Total 185 100% Total 185 100%

Primary Purpose of this tripCategory No. %To home 46 26%Work-related 35 20%School-related 13 7%Social Visit 11 6%Business-related 5 3%Leisure/recreation 63 36%Others 2 1%Total 175 100%

SATISFACTION AND WILLINGNESS TO PAY

Satisfaction with Airport Facilities and Operation

1 Road signs directing you to the airport 15 29 71 50 12 177% 8% 16% 40% 28% 7% 100%

2

Road signs directing you around the terminal area 8 25 78 55 9 175% 5% 14% 45% 31% 5% 100%

3Vehicle security check/ inspection 9 16 69 65 17 176% 5% 9% 39% 37% 10% 100%

4

Vehicle entrances exits to/from the parking areas 5 29 77 53 11 175% 3% 17% 44% 30% 6% 100%

5Outside appearance of the terminal building 14 41 67 49 4 175% 8% 23% 38% 28% 2% 100%

6Inside appearance of the terminal building 12 36 70 47 7 172% 7% 21% 41% 27% 4% 100%

7Walking distances inside the terminal 11 17 53 73 22 176% 6% 10% 30% 41% 13% 100%

8

Waiting times at passenger security check 2 16 64 75 18 175% 1% 9% 37% 43% 10% 100%

9Waiting time at check-in counters 5 15 67 73 16 176% 3% 9% 38% 41% 9% 100%

Category 5 = Excellent

4 = Satisfied 3 = Fair 1 = Poor Responde

nts2 = Dissatisfied

Annex A - 5


10Baggage handling inside the terminal 3 14 67 71 20 175

% 2% 8% 38% 41% 11% 100%

11Terminal comfort/ ambiance 9 28 68 54 18 177% 5% 16% 38% 31% 10% 100%

12Restroom locations and appearance 10 37 62 56 8 173% 6% 21% 36% 32% 5% 100%

13Gift shops/ shopping facilities/ choices 20 48 53 41 4 166% 12% 29% 32% 25% 2% 100%

14Bar/café/ restaurant standards 27 43 54 29 6 159% 17% 27% 34% 18% 4% 100%

15Seating in the lobby/ boarding gate areas 16 31 61 47 7 162% 10% 19% 38% 29% 4% 100%

16Lighting inside the terminal 7 18 76 55 11 167% 4% 11% 46% 33% 7% 100%

17 Public address system 9 19 79 38 13 158% 6% 12% 50% 24% 8% 100%

18

Terminal area directional signs/flight information systems 9 25 70 48 10 162% 6% 15% 43% 30% 6% 100%

19Temperature control (air conditioning) 15 34 55 52 16 172% 9% 20% 32% 30% 9% 100%

20Friendliness of airport/ airline staff 5 10 62 62 32 171% 3% 6% 36% 36% 19% 100%

21Ease of transit between flights 0 0 0 4 0 4% 0% 0% 0% 100% 0% 100%

22Terminal security and safety 2 13 67 54 29 165% 1% 8% 41% 33% 18% 100%

Willingness to pay for terminal fee if facilities will be improved to their level of satisfactionFee (in Php) No. %

50 or less 79 52%51 - 100 23 15%101 - 200 16 11%201 - 500 6 4%501 - 700 0 0%701 & above 0 0%Not willing to pay 1 1%Stated exact amounts 26 17%

Total 151 100%

Mean willingness-to-pay feeRepondents who chose a price range Php65.60Respondents who stated exact amounts Php88.27All respondents Php69.50

1 = Poor Respondents2 = DissatisfiedCategory 5 =

Excellent4 =

Satisfied 3 = Fair

Annex A - 6


Amenities Wanted at the TerminalNo. Rank

Restaurant 120 1Snack bars 101 2Coffee shop 96 3Souvenir shop 92 4Info Center 85 5Gift shop 79 6Internet café 78 7Bookstore 73 8Newsstand 70 9Pastry shop 57 10Massage Parlor 54 11

Annex A - 7


ANNEX B – REVISED FEES AND CHARGES FOR THE

DAVAO INTERNATIONAL AIRPORT


Annex B - 1

Annex B – DOTC Circular Revising the Fees and Charges for the Davao International Airport

18 June 2007 DEPARTMENT ORDER NO. 2007 – 25 Subject: REVISED SCHEDULE OF FEES AND CHARGES FOR DAVAO INTERNATIONAL AIRPORT Pursuant to the provisions of Sections 32 and 51 of Republic act No. 776, otherwise known as the Civil Aeronautics Act, as amended by Presidential Decrees Nos. 844, 1278, 1462 and Executive Order No. 546, the following fees and charges for the use/operation of Davao International airport (DIA) are hereby prescribed amending for the purpose Department Order No. 98-1178 dated 03 September 1998 (Revised Schedule of Fees and Charges for Alternate International Airports and National Airports).

PART I: DEFINITION OF TERMS

Section I. The following terminologies shall be construed to mean as follows: 1.1 Aircraft 1.2 Aircraft Parking Fee 1.3 Airport 1.4 ATO 1.5 DIA 1.6 Secretary 1.7 Assistant Secretary

- Any contrivance now known or hereinafter invented, used or designed for navigation or flight in the air.

- A fee charged to aircraft for the use of facilities

and services for parking at the terminal apron or remote parking areas from the time of landing up to the time of take off.

- Any area of land or water which is used or

intended to be used for landing and take-off of aircraft including its appurtenant areas which are used or intended to be used for airport buildings installation or the airport facilities or right-of-ways together with all airport buildings and facilities.

- Air Transportation Office

- Davao International Airport

- The Secretary of the Department of

Transportation and Communications

- The Assistant Secretary of the Air Transportation Office


Annex B - 2

1.8 Concessionaire 1.9 Connecting Passenger 1.10 Developed Area 1.11 Gross Weight 1.12 Landing and Take-Off Fees 1.13 Nighttime 1.14 Transit Passenger

- A company or an individual allowed by the ATO, through a contract or permit, to operate and maintain business activity within DIA.

- A passenger passing Davao from a point of origin

to connect with another flight to their final destination whose reservation is on request or open.

- An area that has an access road and or where

improvements are already introduced.

- The certified maximum gross weight of an aircraft as specified in the certificate of registration of said aircraft granted by the licensing authority.

- A fee charged for the use of aircraft of the airport

facilities and services for landing and take-off.

- The time between 6:00 p.m. and 6:00 a.m. (local time).

- A passenger who arrives and departs from the

airport in the same aircraft (passing through) from his original port of departure or in a connecting flight (changing aircraft for continuing his journey) provided that said passenger will no longer check-in boarding his plane to his intended destination.

PART II: GENERAL PROVISIONS

Section 1. Applicability – The fees and charges prescribed herein shall apply for the use of DIA, the facilities, services, utilities and properties under the management and control of the ATO. Section 2. Effects on Existing Contract – The fees and charges prescribed herein shall not affect contracts, leases or concession permits executed or approved prior to the effectivity of this Department Order, except when otherwise provided in said contract, lease or permit. Section 3. Exemption – Government agencies operating within the airport shall pay rentals due including electric, water and telephone bills to the ATO for the use of office space and working area which they are currently occupying or may hereinafter occupy. However, government offices whose services are essential to the operation of the airport as determined by the ATO, upon recommendation by the Airport Manager, DIA subject to the approval of the Secretary, shall be exempted from payments of rentals only. Further, should these offices subsequently occupy additional spaces or areas, they shall pay the appropriate charges.


Annex B - 3

Section 4. Other Fees and Charges - The fees and charges prescribed herein shall not prejudice the right of the ATO to impose and collect such other reasonable charges as maybe determined by the Assistant Secretary for the use of such properties, facilities and services in DIA. Section 5. Improvement on Buildings, Building Spaces and Areas – Physical improvements on all building spaces and areas, owned by the ATO may be undertaken by and at the expense of the tenants. However, no improvement may be commenced without prior approval of the plans by the Assistant Secretary or his duly authorized representative and after a cash deposit shall have been made in favor of the ATO, which shall be equivalent to the cost of restoration of any portion of the property affected by such alteration or improvement. Section 6. Guarantee of Prompt Payment – To guarantee prompt payment of fees and charges covered by contract with lessees and/or concessionaires, excluding government agencies whose functions are essential in the operations of the airport and airlines, a deposit either in the form of a manager’s check or cash shall be made to the ATO, the amount of which shall be equivalent to three (3) months rental and a Surety Bond from the Government Service Insurance System (GSIS) or any accredited insurance company in the amount equivalent to the total rental and Concession Privilege Fee (CPF) during the term of the contract but not exceeding five million pesos (P 5,000,000.00). The Surety Bond issued must be callable on demand. This shall be maintained during the duration of the lease/concession and in the case of default, shall be automatically applied to the back accounts. In lieu of the Surety Bond the lessor/concessionaire shall issue separate postdated checks in payment of his monthly/quarterly obligations, payable within the first five (5) days of the month following the reference period; postdated checks issued shall add up to the total rentals and CPF’s due to ATO during the life of the contract less the three (3) months deposit which shall be applied to the last three (3) months/quarterly obligations of the lessor/concessionaire. Before any lessor/concessionaire is allowed the beneficial use of the area (privileged), all the aforementioned requirements must first be complied with. Section 7. Rules of Payment – The fees and charges prescribed herein shall be due and payable within the first five (5) days of the month for which the charges are due unless provided otherwise. Concessionaires billed on the basis of gross receipts shall be required to submit to the ATO, a sworn statement of their gross receipts from operations for the period required and to maintain a separate book of account for the purpose which shall be subjected to the periodic inspection by the ATO. Failure to submit the required statements shall be sufficient ground for termination of the contract, without prejudice to the collection of whatever amount is due to the government including interest and penalties. Section 8. Rates Quoted in US Dollar – Rates quoted in US Dollar may be paid in Philippine Peso equivalent to the prevailing rate of exchange as of the date of billing.

PART III: AERONAUTICAL FEES & CHARGES

Aircraft that operates at the DIA shall be levied with the appropriate fees and charges for the use of various facilities such as runways, taxiways, apron areas and lighting facilities.

Sec. 1. Landing and Take-off Fees - Landing and take-off fees for international or domestic operations shall be computed as follows:


Annex B - 4

a. International Operations:

Basis: Fees are computed based on the aircraft certified maximum gross weight and per landing and take-off.

CATEGORY RATES IN U.S. ($)

1) Up to 50,000 kgs. $2.20/1,000 kgs. or fraction thereof 2) From 50,001 to 100,000 kgs. $220.00 plus $2.75/1,000 kgs. or

fraction thereof in excess of 50,000 kgs. 3) From 100,001 kgs. and over $495.00 plus $2.75/1,000 kgs. or

fraction thereof in excess of 100,000 kgs.

b. Domestic Operations:

Basis: Fees are computed based on the aircraft certified maximum gross weight and

per landing and take-off.

CATEGORY RATES IN PESOS (P)

1) Up to 50,000 kgs. P60.00/1,000 kgs. or fraction thereof

2) From 50,001 to 100,000 kgs. P3,000.00 plus P72.00/1,000 kgs. or fraction thereof in excess of 50,000 kgs.

3) From 100,001 kgs. and over P6,600.00 plus P72.00/1,000 kgs. or fraction thereof in excess of 100,000 kgs.

Section 2. Parking Fees – Parking fees for international or domestic operations shall be computed as follows:


Basis: Fees are computed based on the aircraft certified maximum gross weight and the number of hours parked after the first two (2) hours free parking period.


1) Up to 50,000 kgs. 1st half hour - $1.70. Each additional

half hour thereafter or fraction thereof - $ 2.60

2) From 50,001 to 100,000 kgs. 1st half hour - $16.90. Each additional half hour thereafter or fraction thereof - $3.70.

3) From 100,001 kgs. and over 1st half hour - $16.90. Each additional half hour thereafter or fraction thereof - $4.90


Annex B - 5


Basis: Fees are computed based on the aircraft certified maximum gross weight and the number of hours parked after the first two (2) hours free parking period.

CATEGORY RATES IN PESOS (P)

1) Up to 50,000 kgs. 1st half hour – P 25.00. Each additional half hour thereafter or fraction thereof – P20.00

2) From 50,001 to 100,000 kgs. 1st half hour – P 206.55. Each additional half hour thereafter or fraction thereof – P47.50

3) From 100,001 kgs. and over 1st half hour – P206.55. Each additional half hour thereafter or fraction thereof – P55.00

Section 3. Lighting Charges

Basis: Aircraft that lands and takes off during nighttime shall be levied additional

lighting charges. Night time is between 6:00 p.m. to 6:00 a.m. (local time). Rates quoted in U.S. dollars may be paid in Philippine Peso equivalent to the prevailing rate of exchange as of the date of billing.



Landing/take off $ 7.50 per landing and/or take-off Parking Additional 13% of the rate for daytime

parking


CATEGORY RATES in Philippine Pesos (P)

Landing/take off P 250.00 per landing and/or take-off Parking Additional 13% of the rate for daytime

parking Note: This additional charge shall be reduced to ten percent (10%) if:

a) The landing was made before nighttime and the subsequent takeoff was made during nighttime; or

b) The landing was made before nighttime and the subsequent take-off was made during daylight hours.


Annex B - 6

Section 4. Reductions Basis: Unless otherwise specifically provided herein, aircraft operating under the

following categories shall be charged fifty percent (50%) of the prescribed rates: 4.1 Ferry flight of aircraft, aircraft parts or crews; 4.2 Training planes operated by duly authorized flying schools; 4.3 Airmen flight proficiency training or test flight; 4.4 Technical landing by non-schedule flights; 4.5 Aircraft demonstration flights; and 4.6 Other flights as may be authorized by the Assistant Secretary subject to said

special rates; provided, however, that it is within the prescribed guidelines approved by the Secretary.

Section 5. Exemptions Basis: Unless otherwise specifically provided, the fees and charges provided herein shall

not apply to the following: 5.1 Aircraft registered and/or operated by the Government of the Republic of the

Philippines solely for government functions: 5.2 State-owned aircraft exclusively used by diplomatic and consular representatives

of foreign governments. (Civil registered aircraft other than state-owned aircraft, which are chartered or hired by representatives, or personnel of foreign governments are not exempted by this provision);

5.3 Aircraft engaged in humanitarian mission for the particular flight; 5.4 Flight diverted due to in-flight emergency; 5.5 Aircraft which, by virtue of existing laws or treaties, are exempted from the

payment of fees and charges; 5.6 Aircraft required to land at the DIA due to Air Traffic Control (ATC) or other

administrative requirements; and 5.7 Other non-revenue flights as may be exempted by the Assistant Secretary subject

to the approval of the Secretary.

Section 6. Payment Procedures – The aeronautical fees and charges prescribed shall be due and payable through any of the following modes of payment.

6.1 The fees and charges prescribed herein shall be due and payable at the close of

each calendar month unless provided otherwise in the subsequent sections. 6.2 Payment of aircraft operation charges for non-scheduled operators shall be due

and payable in cash prior to take-off unless credit arrangements satisfactory to the ATO have been made in advance.

6.3 Credit arrangements with the ATO may be made in advance provided that such operators post a cash bond equivalent to estimated one (1) month charges which shall be maintained by the airline to guarantee prompt payment of accounts and provided further, that such airlines d not have unsettled accounts with the ATO.

6.4 Failure on the part of the airline or aircraft operator to pay accounts due shall be a sufficient ground for the ATO to detain said aircraft or deny such aircraft further use of the airport and its facilities.

6.5 Contracts for the use of the airport and airport facilities may be required from the airlines or aircraft operators where credit arrangements are approved.


Annex B - 7

PART IV: RENTALS

Section 1. Terminal Buildings – Rental of floor spaces at the International Passenger Terminal (IPT)/Domestic Passenger Terminal (DPT) Building and Cargo Terminal (CT) Building shall be in accordance with the following:

a. International/Domestic Passenger & Cargo Terminal Buildings:

Particulars Rates in Philippine Peso

Airlines P 200.00/m2/month Commercial Establishments P 300.00/m2/month Government Offices (except when exempted under Section 3, Part II, hereof)

P 100.00/m2/month

Government Offices/Agencies which are income generating

P 200.00/m2/month

Section 2. Use of VIP Lounges – A fee of P 1,000.00/hour or fraction thereof shall be imposed for the use of VIP Lounge with the exception of the following:

2.1 Heads of State 2.2 Cabinet members and Justices of the Supreme Court 2.3 Members of the Diplomatic Corps endorsed by the Protocol Office of the

Department of Foreign Affairs 2.4 Other local and foreign officials who may be extended courtesy usage by the

Assistant Secretary or his duly authorized representative.

Section 3. Other Airport Buildings - Lease/Rental Charges for DIA owned buildings other than the passenger/cargo terminal buildings inclusive of the land area occupied by said building shall be charged a rate of P45.00 per sq.meter per month.

Section 4. Land – Lease/Rental Charges belonging to DIA shall be charged the

following rates: 4.1 Land located within the new DIA terminal building – P 20.00/m2/month 4.2 Land located no other areas not specified above – P 16.00/m2/month

Exemptions: 1. Cargo Forwarding Operations 2. Ground Handling Operations/Cleaning of Aircraft 3. Airline Food Catering Services 4. Marketing/Sale of Aircraft Parts

Section 5. Check-in Counters and Concession Counters – Rental charges for the use

of the Check-in counters and Concession counters shall be in accordance with the following rates:


Annex B - 8

Type of Facility

Rate

5.1 International Operations: Check-in counters, weighing conveyors

US $ 5.00/counter/hour or fraction thereof

5.2 Domestic Operations: Check-in counters, weighing Conveyors

P 200.00/counter/hour or fraction Thereof

5.3 Concession Counters

P 1,875.00/counter/month

PART V: BUSINESS CONCESSIONS

Section 1. Concession Privilege Fees (CPF) – All business conducted within the DIA property shall be levied a Concession Privilege Fee. It shall be charged against any type of business or commercial activity notwithstanding the use of the same space for other business located within its vicinity. Concession privilege fee shall be separated from the charges for rentals of buildings, and/or land spaces and is payable in advance on a monthly, quarterly or yearly basis according to the following schedule:

a. International/Domestic Passenger and Cargo Terminal Building:

RATE1) Passenger Service Concessions: - Bank/Foreign Exchange Dealer - Travel Agency - Commercial Cable/Telegraph - Insurance Agency - Pay Telephone Booth - Hotel Reservation

P 900.00/month P 900.00/month P 300.00/month P 300.00/month 18% of gross revenue P 900.00/month

2) Food Service Concessions: - Restaurants - Kitchenettes or Canteens - Coffee Shop, Snack Bars, and Refreshments Parlors

- Cake House/Pastry Stores - Food Catering to Employees - Cigars, Cigarettes & Confectionaries - Liquor Store/Wine Store - Frozen Food Products - Cocktail Lounges

- Miscellaneous

P 675.00/month P 450.00/month P 675.00/month P 675.00/month P 150.00/month P 375.00/month P 375.00/month P 375.00/month P 375.00/month P 375.00/month

3) Transportation Utility Concessions: - Tourist Buses - Tourist Coasters - Public Utility Buses - Taxicabs - Car Rental/Limousine Services - Jeepney (PUJ) - Delivery Service - Others

P 225.00/month P 225.00/month P 225.00/month P 225.00/month P 225.00/month P 225.00/month

P 225.00/month P 225.00/month


Annex B - 9

4) Miscellaneous Business Concessions:

- Lobby Fee Concessions Bid Price but not less than P 1,000.00/mo. - Parking Concession Highest Bid Price but not less than the approved estimate of ATO - Porterage Service Highest Bid Price but not less than the approved estimate of ATO - Private Cargo Terminal 5% of Gross Income but not less than P12,500/mo. whichever is higher

RATE

- Photographic Supply and/or Service P 225.00/month - Beauty Shop/Barber Shop P 225.00/month - Vending Machine P 180.00/unit/month - Amusement Machines P 180.00/unit/month - Jukeboxes P 180.00/unit/month - Copying Machine P 180.00/unit/month - Hotel/Motel/Inn P 900.00/month - Art Gallery P 150.00month - Flower Shop P 150.00/month - Newspaper, Magazines and Periodical Stand P 112.50/month - Movie Filming P 250.00/hour or fraction thereof - Documentary Filming P 250.00/hour or fraction thereof - Advertising/T.V. Filming P 250.00/hour or fraction thereof - Shoe Cleaning Services P 75.00/month - Bookstore and Office Supplies P 112.50/month - Public Lockers P 50.00/locker/month - Packing/Crating Services P 112.50/month - Baggage Storage Services P 112.50/month - Personnel Services P 112.50/month - Security Services P 112.50/month - Supplier P 112.50/month - Miscellaneous P 112.50/month

5. Other Areas

- Bar Foreign Exchange Dealers P 750.00/month - Travel Agencies P 125.00/month - Commercial Cable & Telegraph P 250.00/month - Insurance Agency P 250.00/month - Hotel/Motel/Inns P 750.00/month - Restaurants P 562.50/month - Cocktail Lounges/Kitchenettes/Canteens P 312.50/month - Coffee Shop/Snack Bars/Refreshment Parlors P 562.50/month


Annex B - 10

5. Other Areas RATE - Food Catering of Employees P 125.00/month - Garage Services/Motor Repair Shops P 562.50/month - Gasoline/Diesel Fuel Services Stations P 562.50/month - Gift Shops, Curios, and Novelty Shops P 187.50/month - Cargo Warehousing P 375.00/month - Photographic Supply and/or Service Store P 187.50/month - Barber/Beauty Shop P 187.50/month - General Merchandise Stores P 187.50/month - Bakery/Cakehouse/Pastry Store P 187.50/month - Liquor / Wine Store P 187.50/month - Frozen Food Products P 187.50/month - Tailoring / Dress Shop P 187.50/month - Jewelry Store P 187.50/month - School P 187.50/month - Hangaring P 187.50/month - Cigar, Cigarettes and Confectionery Stand P 187.50/month - Construction Services P 187.50/month - Security Services P 187.50/month - Personnel Services P 187.50/month - Packing and Crating Services P 187.50/month - Miscellaneous P 187.50/month

PART VI – UTILITIES

Section 1. Electric Power Charges - Leases / tenants of buildings and/or spaces shall be charged for their electrical consumption based on actual meter readings in accordance with Davao Light & Power Company rates plus twelve and a half percent (12.5%) maintenance and service fees, provided, however, that the minimum charge should not be less than TWO HUNDRED FIFTY PESOS (P250.00).

Section 2. Telephone, Cable Pairs and Right of Way for Communication Facilities

FACILITY RATE (Php)

1) Telephone Main/Local P 375.00/unit/mo. Extension 187.50/unit/mo. 2) Cable Pairs House Cable 93.75/line/mo. Outside Cable 93.75/unit/mo. 3) Deposit for telephone set P2,500.00/apparatus


Annex B - 11

4) Right of way for 281.25/mo. Telephone, teletype, Cable pairs, video monitors and antennae system

Section 3. Water Charges - Lessees and/or tenants of buildings and/or spaces shall be charged for the water consumption based on the actual meter reading in accordance with Davao City Water District rates plus a twelve and a half percent (12.5%) maintenance and service fees.

Section 4. Other Utility Fees and Charges 4.1 Installation/Connection Permit for utilities such as electric and telephone

Commercial/Residential P 200.00/point/terminal

4.2 Permit fee for reconnection, repair, renovation or improvement of buildings and similar structure

Commercial/Residential P 200.00/application

4.3 Permit fee for construction of building, hangars and similar structure

Commercial/Residential P 625.00/application

PART VII: OTHER AIRPORT FEES AND CHARGES

Section 1. Tacking Fees - Aircrafts using the various loading bridges shall be charged the following fees

Loading bridge $ 15.00/hour or fraction thereof

Note: In the event that an aircraft has been directed or instructed to return due to safety and security reasons, no additional charge shall be levied, however, the use of loading bridge in the excess of one (1) hour will be charged accordingly.

Section 2. Waiting Lounge Fees – Well-wishers entering the Waiting Lounge, of both

Domestic and International Passenger Terminal Buildings shall be charged a Waiting Lounge Fee of P15.00/person and Observation Deck Fee of P 15.00/person.

Section 3. Royalty Fee on Cargoes – A royalty fee shall be imposed on any person, firm or corporation engaged in the business of providing cargo handling services at the DIA using airport facilities.

International Incoming Cargoes P 0.15/kg. or fraction thereof Domestic Incoming or Outgoing Cargoes P 0.10/kg or fraction thereof Section 4. Vehicular Parking Areas - All motor vehicles, regardless of type, shall be

charged for the use of the vehicular parking areas in accordance with the following rates:

P 10.00 for the first two (2) hours or fraction thereof and and P5.00/hour or fraction thereof thereafter to a maximum of P 50.00/day


Annex B - 12

P 50.00 for overnight parking

P 50.00 for twelve (12) hour parking

P 100.00 for twenty-four (24) hour parking Section 5. Ground Handling Services Fees – A fee shall be charged for the use of the

ramp facilities in accordance with the following schedule: Type of Ground Handling Service Fee 5.1 Ground Handling Service 7% of Gross Income 5.2 In-flight Catering Service 7% of Gross Income 5.3 Repair and Maintenance Services 7% of Gross Income Section 6. Advertising Fees - Business in the form of signboards, displays, billboards,

posters, streamers, etc. may be installed within the airport premises subject to the approval of the Assistant Secretary or his duly authorized representative. Location signboard of concessionaires within their respective leased premises are exempt from the payment of advertising charges provided their size, design and location are approved by the ATO. The advertising rates are exclusive of electricity and other utilities chargeable against the concessionaires.

Type of Advertisement Fee 6.1 Indoor/Outdoor advertising at

IPT/DPT/CT • Lighted billboards or displays P 90.00/square meter/month • Unlighted billboards or displays P 60.00/square meter/month • Streamers P 50.00/streamer/day for a

Standard size of 5 m2

Section 7. Royalty Fee on the sale of Aviation Fuel, Oil, Grease and Lubricants – A royalty fee in the amount of P 0.09/liter shall be imposed on any person, firm or corporation, selling or delivering, directly or indirectly, fuel, oil, grease or lubricants at the airport for their use. Section 8. Pipe Rentals – The charge for pipe rentals shall be P 350.00 per hydrant pit per month in addition to the royalty fee. Section 9. Porterage Fees

9.1 International Passenger Terminal. The charge of Porterage Services shall be P 20.00 per piece or $ 1.00 per cart if paid in foreign currency.

9.2 Domestic Passenger Terminal. The charge for Porterage Services shall be P10.00

per cart. Section 10. Passenger Service Charge – A Passenger Service Charge shall be paid by

each departing passenger traveling in any air transport or carrier in accordance with the following rates except:

10.1 Children two (2) years old or below, but without any airline ticket. 10.2 Overseas Contract Worker 10.3 Transit Passenger 10.4 Passenger who was denied entry.


Annex B - 13

Note: Passenger Service Charge of cancelled international flights is subject for refund

within a period of twenty-four (24) hours from date of issue.

Facility Rate

International Passenger Terminal P 550.00/departing passenger Domestic Passenger Terminal P 200.00/departing passenger

The passenger Service Charge shall be paid directly to the ATO, DIA. Any passenger refusing or failing to pay the required passenger service charge shall be prevented from boarding the aircraft. Section 11. Miscellaneous Fess and Charges – The issuance or replacement of DIA Access Cards, Vehicle Permit and Reserved Parking Stickers and other miscellaneous services shall be charged the following rates: 11.1 Issuance of Access Cards P 300.00/Access Card

11.2 Replacement Penalty Fee • First Loss P 250.00/Access Card • Second Loss P 500.00/Access Card • Third Loss P 1,000.00/Access Card

11.3 Reserved Parking Stickers P 100.00/Sticker 11.4 Vehicle Stickers for access P 150.00/Sticker

to various airport restricted areas

11.5 Vehicle Stickers for authorized Airport Transportation Concessionaires • Delivery Service P 150.00/Sticker • Rent-a-car/Hotel/Travel

Agency Vehicles - Sedans P 200.00/Sticker - Vans/Mini-coasters P 250.00/Sticker - Bus P 300.00/Sticker

11.6 Temporary Pass

• Visitor/Temporary Access Pass P 50.00/issuance for not more than one (1) month’s usage Temporary Vehicle Pass P 50.00/issuance for not more than three (3) days usage

11.7 Reproduction of Official Records P 20.00/page 11.8 Issuance of DIA, ATO Clearance/Certificate P 20.00/issuance


Annex B - 14

11.9 Replacement of Lost Visitors/

Vehicle Temporary Pass • First Loss P 100.00/pass • Second Loss P 120.00/pass

Section 12. Garbage Collection Fees – Garbage Collection Fee shall be levied against

all lessees at the Cargo and Terminal Buildings or in area to be designated hereafter depending upon the area they occupy at a rate of P0.05/m2/month. Provided, however, that the minimum fee should not be less than Two Hundred Pesos (P200.00) per month and the maximum fee should not be more than One Thousand Pesos (P 1,000.00) per month.

PART VIII: REMEDIES FOR NON-PAYMENT

Failure on the part of any person, firm or corporation to pay any fees or charges due and

payable within the specific date fixed in the contract, permit, bill issued, without the need of any written demand by the Assistant Secretary or his duly authorized representative, shall be considered sufficient ground to deny such person, firm or corporation the further use of the airport or any of its facilities, utilities and services, and shall be a basis for cancellation of its contract. Furthermore, should the lessee’s/concessionaire’s cash deposit be insufficient to cover the outstanding obligation of such lessee/concessionaire, the ATO may hold the lessee’s/concessionaire’s property within the leased premises or areas until full payment is made without prejudice to ATO taking such action and/or proceeding as may be deemed proper and necessary. Unpaid account shall automatically earn a penalty interest at the rate of two percent (2%) per month compounded monthly, computed from the date immediately following the date the fees and charges are due without need of formal advice.

PART IX: REPEALING PROVISIONS

All previous Orders, Rules and Regulations or part thereof as they pertain to fees and

charges for airport area, facilities and other services, which are inconsistent with any provisions herein, are deemed revoked, amended or modified accordingly.

PART X: SEPARABILITY PROVISIONS

The provisions of this Department Order are hereby declared separable. If any portion

thereof shall be held invalid or unconstitutional, such invalidity or unconstitutionality shall not affect the other provisions which shall remain in full force and effect.

PART XI: EFFECTIVITY

This Department Order shall take effect fifteen (15) days after receipt of copies thereof by

the Office of the National Administrative Register (ONAR) UP Law Center, Diliman, Quezon City and publication thereof in two (2) newspapers of general nationwide circulation.

Approved: LEANDRO R. MENDOZA Secretary (signed)


ANNEX C – PROJECTED FINANCIAL STATEMENTS

Panglao Island Airport Development FS & Master PlanProjected Balance SheetScenario 1 - Base Scenario (No Increase in ATO Fees)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

ASSETS

Current AssetsCash and Bank Accounts 9,074,614 9,346,853 9,627,258 9,916,076 26,135,784 27,020,130 28,077,220 29,328,201 31,523,649 121,466,162 123,473,346 125,843,699 129,500,269 Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168 1,098,153 Prepayments Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000Total Current Assets 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422 Non-current AssetsProperty, Plant and Equipment Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097 2,064,980,135 Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543 2,032,410,290

Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431 Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611 19,983,413

Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 161,570,922 Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669 5,860,990 Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917 15,356,088

Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564 2,036,127,155

TOTAL ASSETS 3,911,583,098 3,757,107,118 3,601,260,830 3,445,429,331 3,307,466,991 3,152,264,980 2,997,243,300 2,842,423,324 2,690,947,426 2,624,860,859 2,470,848,269 2,317,208,430 2,167,825,577

LIABILITIES

Current Liabilities Due to Central Office/National Treasury - - - - 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589 114,132,147 Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278 17,566,275 Total Current Liabilities 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422

TOTAL LIABILITIES 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422

EquityGovernment Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564 2,036,127,155

TOTAL LIABILITIES AND EQUITY 3,911,583,098 3,757,107,118 3,601,260,830 3,445,429,331 3,307,466,991 3,152,264,980 2,997,243,300 2,842,423,324 2,690,947,426 2,624,860,859 2,470,848,269 2,317,208,430 2,167,825,577

Note: COA format for ATO financial statements is used.

Annex C - 1

Panglao Island Airport Development FS & Master PlanProjected Balance SheetScenario 1 - Base Scenario (No Increase in ATO Fees)

ASSETS

Current AssetsCash and Bank AccountsInventoriesPrepayments Prepaid InsuranceTotal Current AssetsNon-current AssetsProperty, Plant and Equipment Land Airport Facility including Improvements Net Fixed Asset, Airport

Vertical and Horizontal Structures ImprovementsAir Navigation Equipment and Others

Less: Accumulated DepreciationDepreciation of Initial Investment in Airport FacilityDepreciation of Vertical and Horizontal StructuresDepreciation of Equipment

Net Property, Plant and Equipment

TOTAL ASSETS

LIABILITIES

Current Liabilities Due to Central Office/National Treasury Accounts PayableTotal Current Liabilities

TOTAL LIABILITIES

EquityGovernment Equity

TOTAL LIABILITIES AND EQUITY

2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

132,688,920 199,185,016 203,516,637 209,582,498 215,213,840 221,619,476 301,456,041 311,004,174 320,490,272 331,088,250 342,891,676 451,742,348 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431

1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779

132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253

12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279

162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253

6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060

1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

2,015,055,694 1,926,101,528 1,774,512,706 1,628,336,452 1,478,111,998 1,328,676,342 1,252,686,554 1,110,962,156 965,033,223 820,243,896 676,688,576 635,828,770

116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591 134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779

134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779

1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

2,015,055,694 1,926,101,528 1,774,512,706 1,628,336,452 1,478,111,998 1,328,676,342 1,252,686,554 1,110,962,156 965,033,223 820,243,896 676,688,576 635,828,770

Annex C - 2

Panglao Island Airport Development FS & Master PlanProjected Income StatementScenario 1 - Base Scenario (No Increase in ATO Fees)

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

INCOME

Subsidy Income from the National Government (Budget Allocation for Airport Operations) 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260RevenuesLanding and Take-off Fees 47,952,761 47,952,761 47,952,761 47,952,761 80,734,683 80,734,683 80,734,683 80,734,683 80,734,683 127,313,704 127,313,704 127,313,704 Aircraft Parking Charges 8,980,204 8,980,204 8,980,204 8,980,204 22,321,136 22,321,136 22,321,136 22,321,136 22,321,136 39,886,513 39,886,513 39,886,513 Air Navigation Charges 45,155,231 45,155,231 45,155,231 45,155,231 54,202,337 54,202,337 54,202,337 54,202,337 54,202,337 76,422,076 76,422,076 76,422,076 Passenger Service Charges 7,595,689 8,134,918 8,756,052 9,475,931 10,314,225 11,293,611 12,440,085 13,783,131 15,355,937 17,195,527 19,342,900 21,843,062 Rental of Floor Spaces at Terminal Building 836,400 836,400 836,400 836,400 836,400 836,400 836,400 836,400 836,400 1,672,800 1,672,800 1,672,800 Rental of Airport Land Areas - - - - 45,000 45,000 45,000 45,000 45,000 135,000 135,000 135,000 Concession Privilege Fees 1,678,600 1,678,600 1,678,600 1,678,600 1,725,400 1,725,400 1,725,400 1,725,400 1,725,400 1,774,000 1,774,000 1,774,000 Advertising 54,600 54,600 54,600 54,600 109,200 109,200 109,200 109,200 109,200 247,000 247,000 247,000 Other Fees and Charges 2,305,765 2,344,451 2,344,451 2,344,451 2,780,985 2,772,725 2,772,725 2,772,725 2,772,725 3,521,069 3,506,909 3,506,909 Total Revenues 114,559,250 115,137,166 115,758,300 116,478,178 173,069,366 174,040,492 175,186,966 176,530,011 178,102,818 268,167,689 270,300,902 272,801,064

TOTAL INCOME 148,475,373 150,037,772 151,672,925 153,437,241 213,035,902 215,173,024 217,520,474 220,100,525 225,339,007 316,787,964 320,346,785 324,315,323

EXPENSES

Operating Expenses Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 General Operation and Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 Repair & Maintenance of Airport Horizontal & Vertical Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 Repair & Maintenance of Air Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260

Earnings before Depreciation Allowance 114,559,250 115,137,166 115,758,300 116,478,178 173,069,366 174,040,492 175,186,966 176,530,011 178,102,818 268,167,689 270,300,902 272,801,064

Depreciation Allowance 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475

Net Operating Income (43,164,668) (41,533,713) (41,254,153) (40,886,096) 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589

Earnings Due to the National Government - - - - 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589


Annex C - 3

Panglao Island Airport Development FS & Master PlanProjected Income StatementScenario 1 - Base Scenario (No Increase in ATO Fees)

INCOME

Subsidy Income from the National Government (Budget Allocation for Airport Operations)RevenuesLanding and Take-off FeesAircraft Parking ChargesAir Navigation ChargesPassenger Service ChargesRental of Floor Spaces at Terminal BuildingRental of Airport Land AreasConcession Privilege FeesAdvertisingOther Fees and ChargesTotal Revenues

TOTAL INCOME

EXPENSES

Operating Expenses Salaries and Benefits General Operation and Administration Expenses Airport Facility Maintenance Repair & Maintenance of Airport Horizontal & Vertical Facilities Repair & Maintenance of Air Navigation Facilities Other Repairs and Maintenance Insurance Premium

TOTAL EXPENSES

Earnings before Depreciation Allowance

Depreciation Allowance

Net Operating Income

Earnings Due to the National Government

2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

55,987,583 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

127,313,704 127,313,704 167,367,997 167,367,997 167,367,997 167,367,997 167,367,997 205,453,949 205,453,949 205,453,949 205,453,949 205,453,949 242,297,296 39,886,513 39,886,513 58,899,526 58,899,526 58,899,526 58,899,526 58,899,526 73,334,638 73,334,638 73,334,638 73,334,638 73,334,638 128,286,003 76,422,076 76,422,076 77,730,916 77,730,916 77,730,916 77,730,916 77,730,916 97,601,553 97,601,553 97,601,553 97,601,553 97,601,553 99,864,169 24,745,067 28,101,996 31,970,899 36,412,767 41,492,452 47,278,594 53,843,674 61,263,964 69,619,720 78,995,269 89,479,380 101,165,523 114,152,410 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800 1,672,800

135,000 135,000 225,000 225,000 225,000 225,000 225,000 315,000 315,000 315,000 315,000 315,000 315,000 1,774,000 1,774,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000 1,783,000

247,000 247,000 296,400 296,400 296,400 296,400 296,400 395,200 395,200 395,200 395,200 395,200 395,200 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909 3,506,909

275,703,069 279,059,998 343,453,447 347,895,315 352,975,000 358,761,142 365,326,222 445,327,013 453,682,769 463,058,318 473,542,429 485,228,572 592,272,787

331,690,652 336,694,209 412,026,433 418,492,491 429,322,856 437,366,433 446,256,672 528,652,377 544,013,330 556,065,795 569,307,130 583,833,215 699,421,422

18,657,227 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473 3,660,511 3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768

32,569,845 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395

12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116 11,031,970 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234 8,951,444 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

55,987,583 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

275,703,069 279,059,998 343,453,447 347,895,315 352,975,000 358,761,142 365,326,222 445,327,013 453,682,769 463,058,318 473,542,429 485,228,572 592,272,787

161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

114,132,147 116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188

114,132,147 116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188

Annex C - 4

Panglao Island Airport Development FS & Master PlanProjected Cash Flow Statement

Scenario 1 - Base Scenario (No Increase in ATO Fees)

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Operating ActivitiesNet Operating Income 114,559,250 115,137,166 115,758,300 116,478,178 173,069,366 174,040,492 175,186,966 176,530,011 178,102,818 268,167,689 270,300,902 Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226 427,682 Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083 15,013,765 Recovery of Working CapitalNet Cash Provided by (Used in) Operating Activities 104,384,414 114,841,821 115,454,094 116,164,846 172,167,124 173,690,693 174,826,673 176,158,910 177,003,115 267,752,463 269,873,219

Investing ActivityProceeds from Tagbilaran Property Auction 330,000,000 Panglao Airport Project 148,242,526 606,703,922 2,305,994,325 980,258,497 Net Cash Provided by (Used in) Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000

Financing ActivitiesSubsidy from MIAA 25,726,072 576,074,808 2,298,199,120 - Subsidy from DOTC 122,516,454 30,629,114 - - Subsidy from other National Government Agencies - - 7,795,205 980,258,497 Net Cash Provided by (Used in) Financing Activities 148,242,526 606,703,922 2,305,994,325 980,258,497

Net Cash Flows - - - - 434,384,414 114,841,821 115,454,094 116,164,846 172,167,124 173,690,693 174,826,673 176,158,910 177,003,115 267,752,463 269,873,219

cost of govt funds 7.00%

NPV @ cost of govt funds (million Php) 2,481


Annex C - 5

Panglao Island Airport Development FS & Master PlanProjected Cash Flow Statement

Scenario 1 - Base Scenario (No Increase in ATO Fees)

Operating ActivitiesNet Operating IncomeChange in Working CapitalWorking Capital RequirementRecovery of Working CapitalNet Cash Provided by (Used in) Operating Activities

Investing ActivityProceeds from Tagbilaran Property AuctionPanglao Airport ProjectNet Cash Provided by (Used in) Investing Activity

Financing ActivitiesSubsidy from MIAASubsidy from DOTCSubsidy from other National Government AgenciesNet Cash Provided by (Used in) Financing Activities

Net Cash Flows

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

272,801,064 275,703,069 279,059,998 343,453,447 347,895,315 352,975,000 358,761,142 365,326,222 445,327,013 453,682,769 463,058,318 473,542,429 485,228,572 592,272,787 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198

15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591 32,144,591

272,360,551 274,361,072 278,566,010 340,171,814 347,288,058 351,249,796 358,083,911 364,628,674 444,608,539 451,581,211 462,255,243 472,715,262 484,376,590 621,854,179

272,360,551 274,361,072 278,566,010 340,171,814 347,288,058 351,249,796 358,083,911 364,628,674 444,608,539 451,581,211 462,255,243 472,715,262 484,376,590 621,854,179

Annex C - 6

Panglao Island Airport Development FS & Master PlanProjected Balance SheetScenario 2 - Applying Davao Airport Fees

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

ASSETS

Current AssetsCash and Bank Accounts 34,963,704 39,131,748 43,616,360 48,440,899 120,937,727 126,457,729 132,395,934 138,754,536 146,080,018 265,856,918 273,548,617 Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 Prepayments Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000Total Current Assets 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732 Non-current AssetsProperty, Plant and Equipment Land 132,717,942 132,717,943 132,717,944 132,717,945 132,717,946 132,717,947 132,717,948 132,717,949 132,717,950 132,717,951 132,717,952 Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797

Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894

Less: Accumulated Depreciation 157,723,919 158,097,084 158,481,444 158,877,336 159,440,949 159,902,950 160,378,811 160,868,948 161,566,735 162,138,720 162,727,864 Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 Depreciation of Equipment 1,053,040 1,084,631 1,117,170 1,150,685 1,303,727 1,342,838 1,383,123 1,424,617 1,614,091 1,662,514 1,712,389

Net Property, Plant and Equipment 3,900,638,261 3,744,440,731 3,588,247,453 3,432,058,553 3,277,650,020 3,121,486,228 2,965,327,700 2,809,174,593 2,655,225,686 2,499,103,664 2,342,988,159

TOTAL ASSETS 3,937,472,188 3,785,465,808 3,633,780,942 3,482,441,095 3,400,554,639 3,249,936,856 3,099,743,320 2,949,976,406 2,803,381,399 2,767,065,548 2,618,671,891

LIABILITIES

Current Liabilities Due to Central Office/National Treasury 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967 Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 Total Current Liabilities 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732

TOTAL LIABILITIES 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732

EquityGovernment Equity 3,900,638,261 3,744,440,731 3,588,247,453 3,432,058,553 3,277,650,020 3,121,486,228 2,965,327,700 2,809,174,593 2,655,225,686 2,499,103,664 2,342,988,159

TOTAL LIABILITIES AND EQUITY 3,937,472,188 3,785,465,808 3,633,780,942 3,482,441,095 3,400,554,639 3,249,936,856 3,099,743,320 2,949,976,406 2,803,381,399 2,767,065,548 2,618,671,891


Annex C - 7

Panglao Island Airport Development FS & Master PlanProjected Balance SheetScenario 2 - Applying Davao Airport Fees

ASSETS





TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES



2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

281,786,756 291,215,857 300,529,230 385,065,778 395,688,916 407,796,689 419,778,599 432,533,675 534,952,381 550,752,701 566,468,308 583,227,726 601,115,795 497,342,323 1,066,168 1,098,153 1,131,098 1,165,031 1,199,982 1,235,981 1,273,061 1,311,252 1,350,590 1,391,108 1,432,841 1,475,826 1,520,101 1,565,704

1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027

132,717,953 132,717,954 132,717,955 132,717,956 132,717,957 132,717,958 132,717,959 132,717,960 132,717,961 132,717,962 132,717,963 132,717,964 132,717,965 132,717,966 2,217,496,097 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648 2,188,749,543 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253

11,108,942 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116 17,637,611 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279

163,334,683 164,198,585 164,906,736 165,636,132 166,387,410 167,456,972 168,333,706 169,236,742 170,166,868 171,159,425 171,903,299 172,669,490 173,458,666 174,687,510 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253

5,231,669 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029 1,763,761 1,998,341 2,058,292 2,120,040 2,183,642 2,474,066 2,548,288 2,624,736 2,703,479 3,063,041 3,154,932 3,249,580 3,347,068 3,792,228

2,186,879,367 2,033,499,504 1,877,429,196 1,721,366,956 1,565,313,027 1,412,637,676 1,256,631,392 1,100,635,098 944,649,092 793,177,594 637,592,151 482,029,322 326,489,786 176,177,104

2,470,832,291 2,326,913,515 2,180,189,524 2,108,697,765 1,963,301,924 1,822,770,346 1,678,783,052 1,535,580,025 1,482,052,063 1,346,421,403 1,206,593,300 1,067,832,875 930,225,682 676,185,131

267,728,646 275,847,736 284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163 16,224,278 17,566,275 18,060,263 20,845,045 21,437,396 23,147,247 23,808,665 24,489,925 25,191,622 27,275,902 28,061,179 28,870,014 29,703,114 32,246,864 283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027

283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027

2,186,879,367 2,033,499,504 1,877,429,196 1,721,366,956 1,565,313,027 1,412,637,676 1,256,631,392 1,100,635,098 944,649,092 793,177,594 637,592,151 482,029,322 326,489,786 176,177,104

2,470,832,291 2,326,913,515 2,180,189,524 2,108,697,765 1,963,301,924 1,822,770,346 1,678,783,052 1,535,580,025 1,482,052,063 1,346,421,403 1,206,593,300 1,067,832,875 930,225,682 676,185,131

Annex C - 8

Panglao Island Airport Development FS & Master PlanProjected Income StatementScenario 2 - Applying Davao Airport Fees

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INCOME

Subsidy Income from the National Government (Budget Allocation for Airport Operations) 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583RevenuesLanding and Take-off Fees 71,473,871 71,473,871 71,473,871 71,473,871 126,658,936 126,658,936 126,658,936 126,658,936 126,658,936 205,974,449 205,974,449 205,974,449 205,974,449Aircraft Parking Charges 5,754,303 5,754,303 5,754,303 5,754,303 7,610,296 7,610,296 7,610,296 7,610,296 7,610,296 10,945,688 10,945,688 10,945,688 10,945,688Air Navigation Charges 45,155,231 45,155,231 45,155,231 45,155,231 54,202,337 54,202,337 54,202,337 54,202,337 54,202,337 76,422,076 76,422,076 76,422,076 76,422,076Passenger Service Charges 50,680,454 54,944,767 59,533,335 64,464,947 69,759,374 75,436,485 81,517,045 88,022,273 94,974,257 102,395,923 110,311,633 118,747,131 127,730,122Rental of Floor Spaces at Terminal Building 6,063,000 6,063,000 6,063,000 6,063,000 6,063,000 6,063,000 6,063,000 6,063,000 6,063,000 12,126,000 12,126,000 12,126,000 12,126,000Rental of Airport Land Areas 0 0 0 0 108,000 108,000 108,000 108,000 108,000 324,000 324,000 324,000 324,000Concession Privilege Fees 1,881,400 1,881,400 1,881,400 1,881,400 1,961,950 1,961,950 1,961,950 1,961,950 1,961,950 2,178,100 2,178,100 2,178,100 2,178,100Advertising 155,400 155,400 155,400 155,400 310,800 310,800 310,800 310,800 310,800 703,000 703,000 703,000 703,000Other Fees and Charges 2,449,350 2,454,008 2,454,008 2,454,008 2,910,915 2,892,015 2,892,015 2,892,015 2,892,015 3,675,285 3,642,885 3,642,885 3,642,885Total Revenues 183,613,008 187,881,979 192,470,547 197,402,159 269,585,607 275,243,819 281,324,379 287,829,606 294,781,591 414,744,521 422,627,831 431,063,329 440,046,320

TOTAL INCOME 217,529,131 222,782,585 228,385,171 234,361,222 309,552,143 316,376,351 323,657,887 331,400,120 342,017,780 463,364,796 472,673,715 482,577,589 496,033,903

EXPENSES

Operating Expenses Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 18,657,227 General Operation and Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 3,660,511 Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 32,569,845 Repair & Maintenance of Airport Horizontal & Vertical Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431 Repair & Maintenance of Air Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 11,031,970 Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 8,951,444 Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583

Earnings before Depreciation Allowance 183,613,008 187,881,979 192,470,547 197,402,159 269,585,607 275,243,819 281,324,379 287,829,606 294,781,591 414,744,521 422,627,831 431,063,329 440,046,320

Depreciation Allowance 157,723,919 158,097,084 158,481,444 158,877,336 159,440,949 159,902,950 160,378,811 160,868,948 161,566,735 162,138,720 162,727,864 163,334,683 164,198,585

Net Operating Income 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967 267,728,646 275,847,736

Earnings Due to the National Government 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967 267,728,646 275,847,736


Annex C - 9

Panglao Island Airport Development FS & Master PlanProjected Income StatementScenario 2 - Applying Davao Airport Fees

INCOME


TOTAL INCOME

EXPENSES


TOTAL EXPENSES





2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

57,634,210 66,916,815 68,891,320 74,590,824 76,795,549 79,066,415 81,405,408 88,353,005 90,970,596 93,666,713 96,443,715 104,922,880

205,974,449 275,280,430 275,280,430 275,280,430 275,280,430 275,280,430 340,905,691 340,905,691 340,905,691 340,905,691 340,905,691 219,541,32610,945,688 12,305,219 12,305,219 12,305,219 12,305,219 12,305,219 15,147,572 15,147,572 15,147,572 15,147,572 15,147,572 10,095,39276,422,076 77,730,916 77,730,916 77,730,916 77,730,916 77,730,916 97,601,553 97,601,553 97,601,553 97,601,553 97,601,553 99,864,169

137,290,603 147,461,247 158,278,262 169,781,745 182,016,051 195,031,094 208,882,116 223,631,230 239,347,168 256,106,927 273,995,347 293,106,50212,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000 12,126,000

324,000 540,000 540,000 540,000 540,000 540,000 756,000 756,000 756,000 756,000 756,000 756,0002,178,100 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600 2,191,600

703,000 843,600 843,600 843,600 843,600 843,600 1,124,800 1,124,800 1,124,800 1,124,800 1,124,800 1,124,8003,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885 3,642,885

449,606,801 532,121,897 542,938,912 554,442,395 566,676,701 579,691,744 682,378,217 697,127,332 712,843,269 729,603,028 747,491,448 642,448,673

507,241,012 599,038,712 611,830,231 629,033,219 643,472,250 658,758,159 763,783,625 785,480,337 803,813,865 823,269,742 843,935,163 747,371,553

19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,4733,770,326 3,883,436 3,999,939 4,119,937 4,243,535 4,370,841 4,501,966 4,637,025 4,776,136 4,919,420 5,067,003 5,219,013

33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395

12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,11611,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,2349,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,0451,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

57,634,210 66,916,815 68,891,320 74,590,824 76,795,549 79,066,415 81,405,408 88,353,005 90,970,596 93,666,713 96,443,715 104,922,880

449,606,801 532,121,897 542,938,912 554,442,395 566,676,701 579,691,744 682,378,217 697,127,332 712,843,269 729,603,028 747,491,448 642,448,673

164,906,736 165,636,132 166,387,410 167,456,972 168,333,706 169,236,742 170,166,868 171,159,425 171,903,299 172,669,490 173,458,666 174,687,510

284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163

284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163

Annex C - 10

Panglao Island Airport Development FS & Master PlanProjected Cash Flow StatementScenario 2 - Applying Davao Airport Fees

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Operating ActivitiesNet Operating Income 183,613,008 187,881,979 192,470,547 197,402,159 269,585,607 275,243,819 281,324,379 287,829,606 294,781,591 414,744,521 422,627,831Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226 427,682 Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083 15,013,765 Recovery of Working CapitalNet Cash Provided by (Used in) Operating Activities 173,438,171 187,586,634 192,166,341 197,088,827 268,683,365 274,894,020 280,964,086 287,458,505 293,681,888 414,329,295 422,200,149

Investing ActivityProceeds from Tagbilaran Property Auction 330,000,000 Panglao Airport Project 148,242,526 606,703,922 2,305,994,325 980,258,497 Net Cash Provided by (Used in) Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000

Financing ActivitiesSubsidy from MIAA 25,726,072 576,074,808 2,298,199,120 - Subsidy from DOTC 122,516,454 30,629,114 - - Subsidy from other National Government Agencies - - 7,795,205 980,258,497 Net Cash Provided by (Used in) Financing Activities 148,242,526 606,703,922 2,305,994,325 980,258,497

Net Cash Flows - - - - 503,438,171 187,586,634 192,166,341 197,088,827 268,683,365 274,894,020 280,964,086 287,458,505 293,681,888 414,329,295 422,200,149


Annex C - 11

Panglao Island Airport Development FS & Master PlanProjected Cash Flow StatementScenario 2 - Applying Davao Airport Fees


Investing ActivityProceeds from Tagbilaran Property AuctionPanglao Airport ProjectNet Cash Provided by (Used in) Investing Activity


Net Cash Flows

2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

431,063,329 440,046,320 449,606,801 532,121,897 542,938,912 554,442,395 566,676,701 579,691,744 682,378,217 697,127,332 712,843,269 729,603,028 747,491,448 642,448,673440,513 1,341,997 493,988 2,784,782 592,351 1,709,851 661,417 681,260 701,698 2,084,279 785,277 808,835 833,100 2,543,750

15,454,278 16,796,275 17,290,263 20,075,045 20,667,396 22,377,247 23,038,665 23,719,925 24,421,622 26,505,902 27,291,179 28,100,014 28,933,114 31,476,864 31,476,864

430,622,816 438,704,324 449,112,813 529,337,115 542,346,560 552,732,544 566,015,284 579,010,484 681,676,520 695,043,053 712,057,992 728,794,193 746,658,348 671,381,787

430,622,816 438,704,324 449,112,813 529,337,115 542,346,560 552,732,544 566,015,284 579,010,484 681,676,520 695,043,053 712,057,992 728,794,193 746,658,348 671,381,787

Annex C - 12

Panglao Island Airport Development FS & Master PlanProjected Balance SheetScenario 3 - 10% FIRR Scenario

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

ASSETS

Current AssetsCash and Bank Accounts 34,421,491 36,636,917 37,575,603 38,671,403 130,021,022 131,497,486 133,253,608 135,323,474 138,477,899 282,887,378 548,132,375 Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 Prepayments Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000Total Current Assets 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490 Non-current AssetsProperty, Plant and Equipment Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797

Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894

Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787

Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808

TOTAL ASSETS 3,936,929,975 3,784,397,182 3,629,209,174 3,474,184,658 3,411,352,229 3,256,742,336 3,102,419,687 2,948,418,598 2,797,901,676 2,786,282,075 2,895,507,297

LIABILITIES

Current Liabilities Due to Central Office/National Treasury 25,346,877 27,290,065 27,948,344 28,755,327 119,227,954 120,380,626 121,803,242 123,529,597 125,612,737 269,636,261 534,483,725 Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 Total Current Liabilities 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490

TOTAL LIABILITIES 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490

EquityGovernment Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808

TOTAL LIABILITIES AND EQUITY 3,936,929,975 3,784,397,182 3,629,209,174 3,474,184,658 3,411,352,229 3,256,742,336 3,102,419,687 2,948,418,598 2,797,901,676 2,786,282,075 2,895,507,297


Annex C - 13


ASSETS





TOTAL ASSETS

LIABILITIES


TOTAL LIABILITIES



2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

554,481,004 562,755,269 571,285,492 740,244,947 751,644,504 765,793,199 780,631,495 797,483,538 1,004,617,989 1,738,836,542 1,778,053,692 1,821,898,112 1,870,759,779 2,319,061,206 1,066,168 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431

1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636

132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 2,217,496,097 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648 2,188,749,543 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253

11,108,942 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116 17,637,611 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279

161,015,475 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253

5,231,669 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029 14,474,917 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060

2,189,198,564 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

2,745,845,736 2,601,080,577 2,453,652,266 2,467,161,459 2,322,640,572 2,184,547,153 2,043,529,653 1,904,540,404 1,955,848,502 2,538,794,524 2,422,596,643 2,311,053,758 2,204,556,678 2,503,147,628

540,422,894 547,387,147 555,456,327 721,664,933 732,507,090 744,981,933 759,195,891 775,404,866 981,876,956 1,714,051,748 1,752,525,354 1,795,603,924 1,843,676,765 2,289,480,046 16,224,278 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591 556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636

556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636

2,189,198,564 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

2,745,845,736 2,601,080,577 2,453,652,266 2,467,161,459 2,322,640,572 2,184,547,153 2,043,529,653 1,904,540,404 1,955,848,502 2,538,794,524 2,422,596,643 2,311,053,758 2,204,556,678 2,503,147,628

Annex C - 14

Panglao Island Airport Development FS & Master PlanProjected Income StatementScenario 3 - 10% FIRR Scenario

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INCOME

Subsidy Income from the National Government (Budget Allocation for Airport Operations) 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583RevenuesLanding and Take-off Fees 77,190,658 77,190,658 77,190,658 77,190,658 129,960,468 129,960,468 129,960,468 129,960,468 129,960,468 204,939,786 329,896,267 329,896,267 329,896,267 Aircraft Parking Charges 14,455,641 14,455,641 14,455,641 14,455,641 35,930,845 35,930,845 35,930,845 35,930,845 35,930,845 64,206,233 103,354,244 103,354,244 103,354,244 Air Navigation Charges 72,687,410 72,687,410 72,687,410 72,687,410 87,250,743 87,250,743 87,250,743 87,250,743 87,250,743 123,018,367 198,025,483 198,025,483 198,025,483 Passenger Service Charges 12,226,954 13,094,964 14,094,818 15,253,622 16,603,044 18,179,584 20,025,090 22,187,021 24,718,804 27,680,034 50,121,474 56,599,912 64,119,612 Rental of Floor Spaces at Terminal Building 1,346,372 1,346,372 1,346,372 1,346,372 1,346,372 1,346,372 1,346,372 1,346,372 1,346,372 2,692,744 4,334,572 4,334,572 4,334,572 Rental of Airport Land Areas - - - - 72,438 72,438 72,438 72,438 72,438 217,313 349,813 349,813 349,813 Concession Privilege Fees 2,702,081 2,702,081 2,702,081 2,702,081 2,777,416 2,777,416 2,777,416 2,777,416 2,777,416 2,855,648 4,596,803 4,596,803 4,596,803 Advertising 87,891 87,891 87,891 87,891 175,782 175,782 175,782 175,782 175,782 397,602 640,028 640,028 640,028 Other Fees and Charges 2,373,789 2,395,927 2,395,927 2,395,927 2,837,497 2,824,201 2,824,201 2,824,201 2,824,201 3,581,179 3,641,247 3,641,247 3,641,247 Total Revenues 183,070,795 183,960,943 184,960,797 186,119,602 276,954,604 278,517,848 280,363,353 282,525,285 285,057,068 429,588,905 694,959,931 701,438,369 708,958,069

TOTAL INCOME 216,986,918 218,861,550 220,875,422 223,078,665 316,921,140 319,650,380 322,696,861 326,095,798 332,293,257 478,209,180 745,005,814 752,952,629 764,945,652

EXPENSES


TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583

Earnings before Depreciation Allowance 183,070,795 183,960,943 184,960,797 186,119,602 276,954,604 278,517,848 280,363,353 282,525,285 285,057,068 429,588,905 694,959,931 701,438,369 708,958,069


Net Operating Income 25,346,877 27,290,065 27,948,344 28,755,327 119,227,954 120,380,626 121,803,242 123,529,597 125,612,737 269,636,261 534,483,725 540,422,894 547,387,147

Earnings Due to the National Government 25,346,877 27,290,065 27,948,344 28,755,327 119,227,954 120,380,626 121,803,242 123,529,597 125,612,737 269,636,261 534,483,725 540,422,894 547,387,147


Annex C - 15


INCOME


TOTAL INCOME

EXPENSES


TOTAL EXPENSES





2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

329,896,267 433,685,265 433,685,265 433,685,265 433,685,265 433,685,265 532,373,881 856,974,431 856,974,431 856,974,431 856,974,431 1,010,652,698 103,354,244 152,620,913 152,620,913 152,620,913 152,620,913 152,620,913 190,025,289 305,888,061 305,888,061 305,888,061 305,888,061 535,097,159 198,025,483 201,416,958 201,416,958 201,416,958 201,416,958 201,416,958 252,905,908 407,108,434 407,108,434 407,108,434 407,108,434 416,546,091 72,818,113 82,843,243 94,353,047 107,515,567 122,508,662 139,520,149 158,747,664 290,392,668 329,499,268 373,229,821 421,974,205 476,144,152

4,334,572 4,334,572 4,334,572 4,334,572 4,334,572 4,334,572 4,334,572 6,977,461 6,977,461 6,977,461 6,977,461 6,977,461 349,813 583,022 583,022 583,022 583,022 583,022 816,230 1,313,905 1,313,905 1,313,905 1,313,905 1,313,905

4,596,803 4,620,124 4,620,124 4,620,124 4,620,124 4,620,124 4,620,124 7,437,119 7,437,119 7,437,119 7,437,119 7,437,119 640,028 768,034 768,034 768,034 768,034 768,034 1,024,045 1,648,429 1,648,429 1,648,429 1,648,429 1,648,429

3,641,247 3,641,247 3,641,247 3,641,247 3,641,247 3,641,247 3,641,247 3,774,631 3,774,631 3,774,631 3,774,631 3,774,631 717,656,570 884,513,378 896,023,181 909,185,701 924,178,797 941,190,284 1,148,488,962 1,881,515,137 1,920,621,737 1,964,352,291 2,013,096,674 2,459,591,644

775,290,780 953,086,364 966,620,357 985,533,557 1,002,784,089 1,022,120,734 1,231,814,325 1,971,845,698 2,013,629,215 2,060,116,992 2,111,701,317 2,566,740,280

19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473

3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395

12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116

11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

717,656,570 884,513,378 896,023,181 909,185,701 924,178,797 941,190,284 1,148,488,962 1,881,515,137 1,920,621,737 1,964,352,291 2,013,096,674 2,459,591,644

162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

555,456,327 721,664,933 732,507,090 744,981,933 759,195,891 775,404,866 981,876,956 1,714,051,748 1,752,525,354 1,795,603,924 1,843,676,765 2,289,480,046

555,456,327 721,664,933 732,507,090 744,981,933 759,195,891 775,404,866 981,876,956 1,714,051,748 1,752,525,354 1,795,603,924 1,843,676,765 2,289,480,046

Annex C - 16

Panglao Island Airport Development FS & Master PlanProjected Cash Flow StatementScenario 3 - 10% FIRR Scenario

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Operating ActivitiesNet Operating Income 183,070,795 183,960,943 184,960,797 186,119,602 276,954,604 278,517,848 280,363,353 282,525,285 285,057,068 429,588,905 Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226 Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083 Recovery of Working CapitalNet Cash Provided by (Used in) Operating Activities 172,895,959 183,665,598 184,656,592 185,806,270 276,052,362 278,168,049 280,003,060 282,154,183 283,957,365 429,173,679

Investing ActivityProceeds from Tagbilaran Property Auction 330,000,000 148,242,526 606,703,922 2,305,994,325 980,258,497 Net Cash Provided by (Used in) Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000

Financing ActivitiesSubsidy from MIAA 25,527,970 570,933,478 2,287,964,978 15,573,574 Subsidy from DOTC 125,289,283 31,322,321 - - Subsidy from other National Government Agencies - - - 956,890,455 Net Cash Provided by (Used in) Financing Activities 150,817,253 602,255,799 2,287,964,978 972,464,029

Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 502,895,959 183,665,598 184,656,592 185,806,270 276,052,362 278,168,049 280,003,060 282,154,183 283,957,365 429,173,679




Annex C - 17



Investing ActivityProceeds from Tagbilaran Property Auction Net Cash Provided by (Used in) Investing Activity


Net Cash Flows

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

694,959,931 701,438,369 708,958,069 717,656,570 884,513,378 896,023,181 909,185,701 924,178,797 941,190,284 1,148,488,962 1,881,515,137 1,920,621,737 1,964,352,291 2,013,096,674 2,459,591,644 427,682 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198

15,013,765 15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591 32,144,591

694,532,248 700,997,856 707,616,072 717,162,582 881,231,745 895,415,925 907,460,497 923,501,567 940,492,736 1,147,770,488 1,879,413,579 1,919,818,662 1,963,525,124 2,012,244,692 2,489,173,037

694,532,248 700,997,856 707,616,072 717,162,582 881,231,745 895,415,925 907,460,497 923,501,567 940,492,736 1,147,770,488 1,879,413,579 1,919,818,662 1,963,525,124 2,012,244,692 2,489,173,037

Annex C - 18


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

ASSETS

Current AssetsCash and Bank Accounts 104,386,369 106,920,652 108,246,091 109,790,128 236,109,975 238,191,118 240,661,099 243,567,222 247,700,966 447,732,817 1,186,588,801 1,198,918,597 Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168 Prepayments Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000Total Current Assets 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765 Non-current AssetsProperty, Plant and Equipment Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 Airport Facility including Improvemen 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097 Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543

Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611

Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669 Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917

Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564

TOTAL ASSETS 4,006,894,853 3,854,680,917 3,699,879,662 3,545,303,383 3,517,441,182 3,363,435,967 3,209,827,178 3,056,662,346 2,907,124,743 2,951,127,514 3,533,963,723 3,390,283,329

LIABILITIES

Current LiabilitiesDue to Central Office/National Treasury 95,311,755 97,573,799 98,618,832 99,874,052 225,316,907 227,074,257 229,210,733 231,773,345 234,835,804 434,481,700 1,172,940,151 1,184,860,487 Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278 Total Current Liabilities 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765

TOTAL LIABILITIES 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765

EquityGovernment Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564

TOTAL LIABILITIES AND EQUITY 4,006,894,853 3,854,680,917 3,699,879,662 3,545,303,383 3,517,441,182 3,363,435,967 3,209,827,178 3,056,662,346 2,907,124,743 2,951,127,514 3,533,963,723 3,390,283,329


Annex C - 19


ASSETS

Current AssetsCash and Bank AccountsInventoriesPrepayments Prepaid InsuranceTotal Current AssetsNon-current AssetsProperty, Plant and Equipment Land Airport Facility including Improvemen Net Fixed Asset, Airport




TOTAL ASSETS

LIABILITIES

Current LiabilitiesDue to Central Office/National TreasuryAccounts PayableTotal Current Liabilities

TOTAL LIABILITIES



2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1,214,135,364 1,230,696,409 1,553,705,080 1,575,730,971 1,602,031,857 1,630,712,409 1,663,270,171 2,061,791,471 4,869,938,686 4,974,353,237 5,091,103,981 5,221,230,884 6,413,915,904 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431

1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,0001,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335

132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253

12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116

19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253

5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060

2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

3,252,460,673 3,113,063,183 3,280,621,592 3,146,727,039 3,020,785,811 2,893,610,567 2,770,327,038 3,013,021,984 5,669,896,669 5,618,896,188 5,580,259,626 5,555,027,783 6,598,002,326

1,198,767,243 1,214,867,244 1,535,125,066 1,556,593,556 1,581,220,591 1,609,276,805 1,641,191,499 2,039,050,439 4,845,153,892 4,948,824,899 5,064,809,793 5,194,147,870 6,384,334,744 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591

1,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335

1,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335

2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

3,252,460,673 3,113,063,183 3,280,621,592 3,146,727,039 3,020,785,811 2,893,610,567 2,770,327,038 3,013,021,984 5,669,896,669 5,618,896,188 5,580,259,626 5,555,027,783 6,598,002,326

Annex C - 20


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INCOME

Subsidy Income from the National Government(Budget Allocation for Airport Operations) 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583RevenuesLanding and Take-off Fees 107,048,777 107,048,777 107,048,777 107,048,777 180,230,478 180,230,478 180,230,478 180,230,478 180,230,478 284,212,547 634,470,362 634,470,362 634,470,362 Aircraft Parking Charges 20,047,227 20,047,227 20,047,227 20,047,227 49,829,255 49,829,255 49,829,255 49,829,255 49,829,255 89,041,847 198,775,224 198,775,224 198,775,224 Air Navigation Charges 100,803,628 100,803,628 100,803,628 100,803,628 121,000,204 121,000,204 121,000,204 121,000,204 121,000,204 170,603,103 380,850,928 380,850,928 380,850,928 Passenger Service Charges 16,956,463 18,160,227 19,546,835 21,153,876 23,025,268 25,211,630 27,770,995 30,769,183 34,280,285 38,386,948 96,395,724 108,855,329 123,317,532 Rental of Floor Spaces at Terminal Building 1,867,163 1,867,163 1,867,163 1,867,163 1,867,163 1,867,163 1,867,163 1,867,163 1,867,163 3,734,325 8,336,432 8,336,432 8,336,432 Rental of Airport Land Areas - - - - 100,457 100,457 100,457 100,457 100,457 301,371 672,775 672,775 672,775 Concession Privilege Fees 3,747,273 3,747,273 3,747,273 3,747,273 3,851,748 3,851,748 3,851,748 3,851,748 3,851,748 3,960,242 8,840,764 8,840,764 8,840,764 Advertising 121,888 121,888 121,888 121,888 243,776 243,776 243,776 243,776 243,776 551,398 1,230,929 1,230,929 1,230,929 Other Fees and Charges 2,443,255 2,448,495 2,448,495 2,448,495 2,895,208 2,876,769 2,876,769 2,876,769 2,876,769 3,642,563 3,843,218 3,843,218 3,843,218 Total Revenues 253,035,674 254,244,678 255,631,285 257,238,327 383,043,557 385,211,480 387,770,845 390,769,033 394,280,135 594,434,344 1,333,416,356 1,345,875,962 1,360,338,165

TOTAL INCOME 286,951,797 289,145,284 291,545,910 294,197,390 423,010,093 426,344,012 430,104,353 434,339,546 441,516,324 643,054,619 1,383,462,240 1,397,390,221 1,416,325,747

EXPENSES


TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583

Earnings before Depreciation Allowance 253,035,674 254,244,678 255,631,285 257,238,327 383,043,557 385,211,480 387,770,845 390,769,033 394,280,135 594,434,344 1,333,416,356 1,345,875,962 1,360,338,165


Net Operating Income 95,311,755 97,573,799 98,618,832 99,874,052 225,316,907 227,074,257 229,210,733 231,773,345 234,835,804 434,481,700 1,172,940,151 1,184,860,487 1,198,767,243

Earnings Due to the National Government 95,311,755 97,573,799 98,618,832 99,874,052 225,316,907 227,074,257 229,210,733 231,773,345 234,835,804 434,481,700 1,172,940,151 1,184,860,487 1,198,767,243


Annex C - 21


INCOME

Subsidy Income from the National Government(Budget Allocation for Airport Operations)RevenuesLanding and Take-off FeesAircraft Parking ChargesAir Navigation ChargesPassenger Service ChargesRental of Floor Spaces at Terminal BuildingRental of Airport Land AreasConcession Privilege FeesAdvertisingOther Fees and ChargesTotal Revenues

TOTAL INCOME

EXPENSES


TOTAL EXPENSES





2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

634,470,362 834,081,723 834,081,723 834,081,723 834,081,723 834,081,723 1,023,883,816 2,285,697,594 2,285,697,594 2,285,697,594 2,285,697,594 2,695,583,856 198,775,224 293,526,952 293,526,952 293,526,952 293,526,952 293,526,952 365,464,620 815,855,852 815,855,852 815,855,852 815,855,852 1,427,195,777 380,850,928 387,373,557 387,373,557 387,373,557 387,373,557 387,373,557 486,399,269 1,085,827,925 1,085,827,925 1,085,827,925 1,085,827,925 1,110,999,773 140,046,855 159,327,606 181,463,744 206,778,455 235,613,807 268,331,013 305,310,178 774,526,985 878,830,986 995,467,862 1,125,477,483 1,269,958,011

8,336,432 8,336,432 8,336,432 8,336,432 8,336,432 8,336,432 8,336,432 18,610,082 18,610,082 18,610,082 18,610,082 18,610,082 672,775 1,121,292 1,121,292 1,121,292 1,121,292 1,121,292 1,569,809 3,504,409 3,504,409 3,504,409 3,504,409 3,504,409

8,840,764 8,885,616 8,885,616 8,885,616 8,885,616 8,885,616 8,885,616 19,836,070 19,836,070 19,836,070 19,836,070 19,836,070 1,230,929 1,477,115 1,477,115 1,477,115 1,477,115 1,477,115 1,969,487 4,396,643 4,396,643 4,396,643 4,396,643 4,396,643 3,843,218 3,843,218 3,843,218 3,843,218 3,843,218 3,843,218 3,843,218 4,361,721 4,361,721 4,361,721 4,361,721 4,361,721

1,377,067,487 1,697,973,511 1,720,109,648 1,745,424,360 1,774,259,711 1,806,976,917 2,205,662,444 5,012,617,282 5,116,921,283 5,233,558,159 5,363,567,779 6,554,446,342

1,434,701,697 1,766,546,497 1,790,706,824 1,821,772,216 1,852,865,003 1,887,907,368 2,288,987,808 5,102,947,843 5,209,928,760 5,329,322,861 5,462,172,422 6,661,594,978

19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473

3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395

12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116

11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

1,377,067,487 1,697,973,511 1,720,109,648 1,745,424,360 1,774,259,711 1,806,976,917 2,205,662,444 5,012,617,282 5,116,921,283 5,233,558,159 5,363,567,779 6,554,446,342

162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

1,214,867,244 1,535,125,066 1,556,593,556 1,581,220,591 1,609,276,805 1,641,191,499 2,039,050,439 4,845,153,892 4,948,824,899 5,064,809,793 5,194,147,870 6,384,334,744

1,214,867,244 1,535,125,066 1,556,593,556 1,581,220,591 1,609,276,805 1,641,191,499 2,039,050,439 4,845,153,892 4,948,824,899 5,064,809,793 5,194,147,870 6,384,334,744

Annex C - 22


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 572,860,837 253,949,332 255,327,080 256,924,995 382,141,315 384,861,681 387,410,552 390,397,931 393,180,432 594,019,118




Annex C - 23



Investing ActivityProceeds from Tagbilaran Property Auction Net Cash Provided by (Used in) Investing Activity


Net Cash Flows

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

1,333,416,356 1,345,875,962 1,360,338,165 1,377,067,487 1,697,973,511 1,720,109,648 1,745,424,360 1,774,259,711 1,806,976,917 2,205,662,444 5,012,617,282 5,116,921,283 5,233,558,159 5,363,567,779 6,554,446,342 427,682 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198

15,013,765 15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591 32,144,591

1,332,988,674 1,345,435,449 1,358,996,168 1,376,573,499 1,694,691,878 1,719,502,391 1,743,699,156 1,773,582,481 1,806,279,370 2,204,943,970 5,010,515,723 5,116,118,208 5,232,730,992 5,362,715,797 6,584,027,735

1,332,988,674 1,345,435,449 1,358,996,168 1,376,573,499 1,694,691,878 1,719,502,391 1,743,699,156 1,773,582,481 1,806,279,370 2,204,943,970 5,010,515,723 5,116,118,208 5,232,730,992 5,362,715,797 6,584,027,735

Annex C - 24


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

ASSETS

Current AssetsCash and Bank Accounts 196,304,702 199,257,890 201,091,438 203,224,360 375,487,330 378,362,886 381,770,721 385,775,500 391,195,851 664,303,163 2,339,903,743 2,363,037,986 Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168 Prepayments Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000Total Current Assets 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155 Non-current AssetsProperty, Plant and Equipment Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 Airport Facility including Improvement 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097 Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543

Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611

Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669 Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917

Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564

TOTAL ASSETS 4,098,813,186 3,947,018,155 3,792,725,009 3,638,737,614 3,656,818,537 3,503,607,735 3,350,936,800 3,198,870,623 3,050,619,628 3,167,697,860 4,687,278,666 4,554,402,718

LIABILITIES

Current LiabilitiesDue to Central Office/National Treasury 187,230,088 189,911,037 191,464,179 193,308,283 364,694,262 367,246,025 370,320,354 373,981,622 378,330,689 651,052,046 2,326,255,093 2,348,979,877 Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278 Total Current Liabilities 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155

TOTAL LIABILITIES 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155

EquityGovernment Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564

TOTAL LIABILITIES AND EQUITY 4,098,813,186 3,947,018,155 3,792,725,009 3,638,737,614 3,656,818,537 3,503,607,735 3,350,936,800 3,198,870,623 3,050,619,628 3,167,697,860 4,687,278,666 4,554,402,718


Annex C - 25


ASSETS

Current AssetsCash and Bank AccountsInventoriesPrepayments Prepaid InsuranceTotal Current AssetsNon-current AssetsProperty, Plant and Equipment Land Airport Facility including Improvement Net Fixed Asset, Airport




TOTAL ASSETS

LIABILITIES

Current LiabilitiesDue to Central Office/National TreasuryAccounts PayableTotal Current Liabilities

TOTAL LIABILITIES



2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

2,390,795,770 2,421,863,783 3,023,148,707 3,064,370,128 3,112,622,872 3,166,308,232 3,227,236,984 3,971,481,662 12,640,999,970 12,907,227,509 13,204,923,964 13,536,742,509 16,576,908,146 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431

1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,0002,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576

132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253

12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116

19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253

5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060

2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

4,429,121,079 4,304,230,556 4,750,065,219 4,635,366,197 4,531,376,826 4,429,206,390 4,334,293,850 4,922,712,176 13,440,957,952 13,551,770,460 13,694,079,610 13,870,539,408 16,760,994,568

2,375,427,649 2,406,034,617 3,004,568,693 3,045,232,714 3,091,811,606 3,144,872,628 3,205,158,312 3,948,740,630 12,616,215,176 12,881,699,172 13,178,629,776 13,509,659,495 16,547,326,986 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591

2,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576

2,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576

2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992

4,429,121,079 4,304,230,556 4,750,065,219 4,635,366,197 4,531,376,826 4,429,206,390 4,334,293,850 4,922,712,176 13,440,957,952 13,551,770,460 13,694,079,610 13,870,539,408 16,760,994,568

Annex C - 26


2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

INCOME

Subsidy Income from the National Government(Budget Allocation for Airport Operations) 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583RevenuesLanding and Take-off Fees 146,275,724 146,275,724 146,275,724 146,275,724 246,274,123 246,274,123 246,274,123 246,274,123 246,274,123 388,359,373 1,184,656,467 1,184,656,467 1,184,656,467 Aircraft Parking Charges 27,393,332 27,393,332 27,393,332 27,393,332 68,088,684 68,088,684 68,088,684 68,088,684 68,088,684 121,670,335 371,144,768 371,144,768 371,144,768 Air Navigation Charges 137,742,102 137,742,102 137,742,102 137,742,102 165,339,511 165,339,511 165,339,511 165,339,511 165,339,511 233,118,892 711,108,891 711,108,891 711,108,891 Passenger Service Charges 23,169,988 24,814,860 26,709,576 28,905,501 31,462,646 34,450,178 37,947,396 42,044,240 46,841,950 52,453,459 179,986,055 203,250,108 230,253,327 Rental of Floor Spaces at Terminal Building 2,551,365 2,551,365 2,551,365 2,551,365 2,551,365 2,551,365 2,551,365 2,551,365 2,551,365 5,102,731 15,565,436 15,565,436 15,565,436 Rental of Airport Land Areas - - - - 137,269 137,269 137,269 137,269 137,269 411,806 1,256,178 1,256,178 1,256,178 Concession Privilege Fees 5,120,423 5,120,423 5,120,423 5,120,423 5,263,183 5,263,183 5,263,183 5,263,183 5,263,183 5,411,433 16,507,104 16,507,104 16,507,104 Advertising 166,553 166,553 166,553 166,553 333,105 333,105 333,105 333,105 333,105 753,452 2,298,340 2,298,340 2,298,340 Other Fees and Charges 2,534,519 2,517,557 2,517,557 2,517,557 2,971,028 2,945,831 2,945,831 2,945,831 2,945,831 3,723,209 4,208,060 4,208,060 4,208,060 Total Revenues 344,954,006 346,581,916 348,476,632 350,672,558 522,420,912 525,383,247 528,880,466 532,977,310 537,775,020 811,004,689 2,486,731,299 2,509,995,351 2,536,998,571

TOTAL INCOME 378,870,129 381,482,523 384,391,257 387,631,621 562,387,448 566,515,779 571,213,974 576,547,823 585,011,209 859,624,965 2,536,777,182 2,561,509,611 2,592,986,153

EXPENSES


TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583

Earnings before Depreciation Allowance 344,954,006 346,581,916 348,476,632 350,672,558 522,420,912 525,383,247 528,880,466 532,977,310 537,775,020 811,004,689 2,486,731,299 2,509,995,351 2,536,998,571


Net Operating Income 187,230,088 189,911,037 191,464,179 193,308,283 364,694,262 367,246,025 370,320,354 373,981,622 378,330,689 651,052,046 2,326,255,093 2,348,979,877 2,375,427,649

Earnings Due to the National Government 187,230,088 189,911,037 191,464,179 193,308,283 364,694,262 367,246,025 370,320,354 373,981,622 378,330,689 651,052,046 2,326,255,093 2,348,979,877 2,375,427,649


Annex C - 27


INCOME

Subsidy Income from the National Government(Budget Allocation for Airport Operations)RevenuesLanding and Take-off FeesAircraft Parking ChargesAir Navigation ChargesPassenger Service ChargesRental of Floor Spaces at Terminal BuildingRental of Airport Land AreasConcession Privilege FeesAdvertisingOther Fees and ChargesTotal Revenues

TOTAL INCOME

EXPENSES


TOTAL EXPENSES





2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

1,184,656,467 1,557,362,435 1,557,362,435 1,557,362,435 1,557,362,435 1,557,362,435 1,911,752,947 5,831,635,973 5,831,635,973 5,831,635,973 5,831,635,973 6,877,403,126 371,144,768 548,061,223 548,061,223 548,061,223 548,061,223 548,061,223 682,380,221 2,081,541,472 2,081,541,472 2,081,541,472 2,081,541,472 3,641,289,317 711,108,891 723,287,669 723,287,669 723,287,669 723,287,669 723,287,669 908,184,329 2,770,337,249 2,770,337,249 2,770,337,249 2,770,337,249 2,834,559,681 261,489,618 297,489,828 338,821,497 386,088,065 439,928,225 501,016,421 570,062,368 1,976,096,681 2,242,213,670 2,539,796,258 2,871,497,520 3,240,119,269

15,565,436 15,565,436 15,565,436 15,565,436 15,565,436 15,565,436 15,565,436 47,481,008 47,481,008 47,481,008 47,481,008 47,481,008 1,256,178 2,093,629 2,093,629 2,093,629 2,093,629 2,093,629 2,931,081 8,941,008 8,941,008 8,941,008 8,941,008 8,941,008

16,507,104 16,590,849 16,590,849 16,590,849 16,590,849 16,590,849 16,590,849 50,608,942 50,608,942 50,608,942 50,608,942 50,608,942 2,298,340 2,758,008 2,758,008 2,758,008 2,758,008 2,758,008 3,677,344 11,217,417 11,217,417 11,217,417 11,217,417 11,217,417 4,208,060 4,208,060 4,208,060 4,208,060 4,208,060 4,208,060 4,208,060 5,818,816 5,818,816 5,818,816 5,818,816 5,818,816

2,568,234,861 3,167,417,138 3,208,748,806 3,256,015,374 3,309,855,534 3,370,943,730 4,115,352,635 12,783,678,566 13,049,795,555 13,347,378,142 13,679,079,405 16,717,438,584

2,625,869,071 3,235,990,124 3,279,345,982 3,332,363,230 3,388,460,826 3,451,874,180 4,198,677,999 12,874,009,126 13,142,803,032 13,443,142,844 13,777,684,047 16,824,587,220

19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473

3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395

12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116

11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000

57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636

2,568,234,861 3,167,417,138 3,208,748,806 3,256,015,374 3,309,855,534 3,370,943,730 4,115,352,635 12,783,678,566 13,049,795,555 13,347,378,142 13,679,079,405 16,717,438,584

162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598

2,406,034,617 3,004,568,693 3,045,232,714 3,091,811,606 3,144,872,628 3,205,158,312 3,948,740,630 12,616,215,176 12,881,699,172 13,178,629,776 13,509,659,495 16,547,326,986

2,406,034,617 3,004,568,693 3,045,232,714 3,091,811,606 3,144,872,628 3,205,158,312 3,948,740,630 12,616,215,176 12,881,699,172 13,178,629,776 13,509,659,495 16,547,326,986

Annex C - 28


2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020




Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 664,779,170 346,286,571 348,172,427 350,359,226 521,518,670 525,033,449 528,520,173 532,606,208 536,675,317 810,589,464




Annex C - 29

ANNEX A - ppp.gov.ph

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Transcript of ANNEX A - ppp.gov.ph