Davao, regular flights to Malaysia and Singapore were also commenced by Malaysia Airlines in 1996 and SilkAir in 1997, respectively. Expansion Rapid growth at the airport precipitated the construction of a million interim international terminal beside the airport's then-existing terminal, and then eventually a new, larger terminal building that would consolidate the two existing terminals. In planning since 1992, construction began in 2000 and was subsequently inaugurated on December 2, 2003, with a capacity double that of the old airport terminal. The construction of the new ₱2.7 billion building was funded by both the Asian Development Bank (ADB) and the European Investment Bank (EIB). The modernization and upgrading of the airport facilities aim to make Davao as a hub for tourism and foreign investment in the region. Development was funded by a million loan from the ADB, co-financed by the EIB for twenty-five million ECUs, and through budgetary allocations from the government. The total cost of the project amounted to US$128 million. As part of the modernization of the airport, the runway was once again extended to the current in 2001 to accommodate future international flights. Contemporary history On November 12, 2007, Cebu Pacific announced the airport as its third hub. Likewise, Philippine Airlines announced the airport as its third hub on March 26, 2018. In June 2015, the Mindanao Development Authority plans to turn the 1980–2003 airport terminal into a trade and cultural museum. Republic Act No. 11457, also known as the Charter of the Davao International Airport Authority, was approved on August 30, 2019, creating and establishing the Davao International Airport Authority, which will manage all airports in the Davao Region, including the Francisco Bangoy International Airport. Future development The airport was slated for upgrading in 2016, but the project was shelved. In 2017, an expansion project of the airport was announced. Udenna Corporation submitted an unsolicited proposal in 2018 and received the original proponent status by the Department of Transportation in that year. The expansion and upgrading project would involve the expansion of the existing passenger terminal building, landside and airside developments, construction of a parallel taxiway, and the introduction of new technologies. Structure Terminal The current passenger terminal is a Malay architecture-inspired building which is four times larger than the old terminal. It is a two-level terminal building with an area of approximately . It is fully computerized, more secure and has more commercial spaces for