WATCH: What will the new Mactan-Cebu Int'l Airport look like?

MANILA, Philippines — The Department of Transportation and Communications has signed the concession agreement with GMR-Megawide earlier this week for the modernization of the Mactan-Cebu International Airport.

The agreement covers the turnover of operations and maintenance of the second busiest airport in the country to the construction firm, which paid P14.4 billion in premium for the project.

Construction of the new passenger terminal building dedicated to international flights will begin in January 2015 is expected to be completed by early 2019.

Watch the concept video of GMR-Megawide Corp. on the proposed airport upgrade.