IT’S final.

The drawn-out Singapore arbitration case over the Ninoy Aquino International Airport Terminal 3 is finally over.

In a statement issued yesterday, Manila International Airport Auhority general manager Jose Honrado announced that the final award of the Singapore-based International Chamber of Commerce (ICC) in favor of the Philippine government has become final and executory.

In a manifestation filed on Dec. 27, 2011, the Philippine International Air Terminal Corp. (PIATCO) formally withdrew its second application to set aside the earlier ICC ruling dismissing PIATCO’s claims against the Philippine government.

In February 2003, PIATCO filed a request for arbitration before the ICC wherein it sought to enforce its concession agreement with the Philippine government for the construction of NAIA Terminal 3.

This was after the Philippine Supreme Court declared the agreement void ab initio for having been “amended and re-stated” without the approval of the National Economic Development Authority.

In its request for arbitration PIATCO sought to recover at least US$565 million in damages from the government.

With PIATCO’s withdrawal, the ICC’s final award granting the Philippine government more than US$6 million in arbitration costs has attained finality.

“This final ICC ruling, coupled with the payment of just compensation in the expropriation case decided in our favor by the Regional Trial Court of Pasay City, will pave the way for the full commercial operations of the NAIA Terminal 3,” Honrado said.