NAIA renovation costs forex traders

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The P1.3-billion makeover of the Ninoy Aquino International Airport (NAIA) Terminal 1 that is apparently more than 80 percent complete is not pleasing everyone.

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Some concessionaires, especially the six banks operating at the Terminal 1 arrival lobby, have complained of slow foreign exchange trading.

According to Edison Gaviola, BDO Terminal 1 branch manager, about 60 percent of each bank’s revenue through foreign exchange trading are lost because of the renovation.
“Before, the banks here were earning a hefty P5 million a day from the trading,” Gaviola said.

The other five banks–Bank of Commerce, Bank of the Philippine Islands, Security Bank, Land Bank and Philippine National Bank—were relocated to the north and south wings of the terminal from the Customs arrival area when the makeover began in December 2013.

“Medyo nahihirapan kami. Tatawagin mo pa ang kliyente o pasahero kasi malayo sila sa amin [It was difficult for us. We have to seek out customers because we are far from the arrival area],” Gaviola said.

Another bank’s representative said a signage put up by Manila International Airport Authority (MIAA) at the lobby pointing to customers the foreign exchange trading area has not helped because “the passengers could hardly read it.”

Gaviola disclosed that they are paying about P32,000 for monthly rent, P15,000 for electricity and P8,000 for BDO’s ATM machine.

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