Creation and Powers of National Airports Corp.

Manage, operate, and develop Nichols Field and other government airfields (excluding those controlled by the Armed Forces).
Plan, design, equip, and improve airport and aviation navigation facilities.
Promote civil aeronautics and air transportation development in the Philippines.

Subject to the Corporation Law except where inconsistent with this Act.
Authorized to enter contracts, acquire and dispose of property, and exercise eminent domain.
May sell or lease property subject to certain approvals, especially for high-value assets.
Authorized to contract loans and issue bonds with a maximum indebtedness of ten million pesos, subject to presidential and finance secretary approval.
Bonds are tax-exempt and acceptable as government security.
Can mortgage its assets as loan security.
Has authority to impose and collect fees and charges related to airport operations, except for certain fees subject to Civil Aeronautics Board approval.
Can grant concessions but cannot grant exclusive use of landing strips.
Can regulate aircraft types and enforce safety rules within airports.
Empowered to perform all necessary acts to fulfill its aims, mirroring capabilities of natural persons or partnerships.

"Landing fees": Charges for using landing strips by aircraft.
"Terminal fees": Charges for parking near ramps or terminals for loading/unloading.
"Transient aircraft": Aircraft without a fixed base or parking space at the airport.
"Royalties": Charges based on business volume or profit.
"Supplies": Items necessary or incidental to aircraft operation.

Managed by a five-member Board of Directors appointed by the President with Commission on Appointments' consent.
Board members have staggered initial terms; subsequent terms last four years.
President may remove directors.
Three members constitute a quorum.
Directors must take prescribed oath.
Receive per diem not exceeding thirty pesos per meeting.

Mandatory submission of annual reports and financial statements to the President and Congress as per the Revised Administrative Code.

General Manager appointed by the President with Congress' consent, serving at the President's pleasure.
General Manager handles day-to-day operations, appoints employees with Board approval, attends Board meetings without voting rights, and reports regularly.

Dissolves the Office of the Administrator of Manila International Airport.
Transfers all personnel, assets, records, and liabilities to the National Airports Corporation.
All works and appropriations made for government airfields under other agencies become Corporation property.

Existing laws, orders, and regulations governing aircraft operation in the Philippines apply to aircraft using Corporation-managed landing fields.

Appropriates one million pesos from the National Treasury to capitalize the Corporation.
Additional funds and balances from prior appropriations are included.
Release of funds contingent upon certification of availability by the Secretary of Finance and Auditor General.