Vol. XXII, No. 182 [ BusinessWorld Online ]
Monday, April 20, 2009 | MANILA, PHILIPPINES
THE PHILIPPINES has entered into a P4.4-billion loan deal with state-owned Korean Export-Import Bank for the rehabilitation of Puerto Princesa Airport in Palawan, the National Economic and Development Authority (NEDA) said over the weekend.
The agreement, clinched last Friday, will cover the construction of a new passenger terminal at the existing airport in a bid to accommodate increased domestic and inter-national flights, the NEDA said.
“It will also involve the construction of a new access road and provision of navigational aids, among others,” it said.
“The project aims to improve transport accessibility, efficiency, and sustainability in Palawan, contribute to ongoing poverty reduction efforts, and support the Philippine Government’s peace-and-development efforts in the region.”
The project, which will be implemented from this year to 2013, will cost $92.1 million, or P4.4 billion, pegged on a P47.4 to the dollar exchange rate.
The Korean bank will shoulder $71.61 million, while the rest, or $20.5 million will come from the Philippine government. — MEIC