MANILA, Philippines (AP) — The president of flagship carrier Philippine Airlines says he plans to build a new airport that can handle four times as many flights per hour as Manila's congested airport.

Ramon Ang says he's already talking to investors. He told reporters following a meeting Thursday with PAL Holdings' stockholders that the new airport will be built on a 2,000-hectare (4,940-acre) property but did not disclose its location.

Ang said construction could be completed in three years. He plans to present his proposal to President Benigno Aquino III next year.

Manila's international airport, built in the 1950s, has been criticized as obsolete with decrepit facilities. It can handle 36 flights per hour.