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PPA to tap French loan for ports modernization

Monday, December 15, 2008

[ manilatimes.net ]


STATE-RUN Philippine Ports Authority (PPA) is seeking a multi­billion-peso loan from France for the installation of modular roll-on, roll-off (RoRo) ports to link remote provinces and reduce the transport costs of goods.


Oscar Sevilla, PPA general manager told reporters over the weekend that the agency has proposed an P11-billion loan from France to fund the Greater Maritime Access Ports project.


The board of the National Economic and Development Authority (NEDA) approved the project in December last year for funding by Spain’s Banco Bilbao Vizcaya Argentaria, S.A., but the financing failed to push through.


The project involves the nationwide installation, establishment and development of 74 RoRo ports.


The project would use prefabricated steel ports composed of five interdependent modular parts such as pier or causeway connecting to shore, mooring platform, manual ramp dolphin and passenger terminal with solar power utilities


Sevilla said the modular RoRo terminal would cost between P40 million and P50 million per port.

The project will be implemented over a four-year period starting next year.


Sevilla said the modernization of 10 major ports is on track for completion by 2010, costing about P7 billion.


The port development will be funded through the recent P2-billion bond floatation underwritten by Development Bank of the Philippines and First Metro Investment Corp. as well as internal cash from PPA.

-- Darwin G Amojelar

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