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 20 Apr 2009

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Korean bank to finance Philippines airport project

The governments of the Philippines and Korea have signed an agreement for a multibillion-peso loan to finance the Puerto Princesa Airport Development Project, the Manila Times quoted the National Economic and Development Authority (NEDA) as saying.

In a statement, the agency said the Philippine government and the Korean Export-Import (EXIM) Bank signed the minutes of discussion on the bank’s appraisal of the project, paving the way for loan processing.

The project, as appraised, will cost some $92.1 million or 4.4 billion peso, based on an exchange rate of 47.4 peso to the dollar.

Of the total, around $71.61 million or 78 percent would be sourced from Korea EXIM while $20.5 million will represent the Philippine government’s counterpart.

The Department of Transportation and Communication and the Korea EXIM Bank likewise signed the Procurement Arrangement (PA) for the project. The PA covers information on arrangements for procurement for the contract packages, disbursement schedules, and measures to ensure successful implementation of the project, among others.

Approved by the NEDA’s Investment Coordination Committee early this year, the project involves the redevelopment of the existing Puerto Princesa Airport to be compliant with the International Civil Aviation Organization standards.

The project will involve the construction of a new passenger terminal with facilities to accommodate increased domestic passengers and international flights. It will also involve the construction of a new access road and provision of navigational aids, among others.

It aims to improve transport accessibility, efficiency, and sustainability in Palawan, contribute to ongoing poverty reduction efforts, and support the Philippines’ peace and development efforts in the region. The project is proposed for implementation from 2009 to 2013.




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