"I have long supported the search for a workable solution to the controversy surrounding the operation of the indefinitely grounded NAIA Terminal 3," Pangilinan said.

The Manila Hotel Corporation bought the shares of the Germany-based Frankfurt Airport Services Worldwide (Fraport) company in the PIATCO, the principal constructor of the NAIA Terminal 3 project.

Based on the arbitration papers filed with the International Centre for Settlement of Investment Disputes, Fraport invested $425 million in the project which is now virtually complete but remains closed because of a dispute.

"If we are to keep with breakneck speed of the regional neighbors then we have to do away with the embarrassment caused by inflexibilities in negotiations by the government in PIATCO," Pangilinan said.

"I support news of the efforts to find a win-win solution to this stand-off, particularly with (Trade) Secretary (Peter) Favila’s assignment on the project," he added.

A working airport terminal sends out the message that the Philippines is a working state and is open for business, he pointed out.

"Until NAIA 3 is operational, we can liken the Philippine situation to a business establishment that is closed undergoing renovation," he said.

"The structure is already there. Our immediate response should be to find ways to make the idle structure operational so that it may serve its purpose. If we don’t do that, and if we continue averting meeting the other party half-way, then the NAIA Terminal 3 will continue to serve as a monument to our inefficiency," he said.