As Gov't approves $71.6 Million PPS Airport Project
September 13, 2012
The government of the Philippines through Finance Secretary Cesar V. Purisima has signed an agreement with South Korea represented by Chairman and President Yong Hwan Kim of Korea's Export-Import Bank for a $71.6-million loan to construct the
new Puerto Princesa airport terminal project under Seoul’s Economic Development Cooperation Fund
(EDCF) as Public-Private Partnership (PPP)
projects falters in favor of the ODA financing recommended by Transport Secretary Mar Roxas. (Read our 2009 Story)
Puerto Princesa airport will have its runway expanded and new taxiway developed for the construction of a new and bigger passenger terminal building with
gate facilities under the official development assistance (ODA), worth 3.3 billion pesos. The Government of the Philippines will shoulder the remaining 1 Billion Pesos as counterpart funds to be sourced in the GAA for the duration of the project.
A new ramp and control tower will also be constructed for the said project together with installation of navigational aids to accommodate
increased domestic and international flights. A new access road will also be build to service the terminal which is expected to handle 3 million passengers.
The airport is a priority infrastructure project of the Aquino administration, in preparation for the increase tourists arrival in the city after Puerto Princesa Underground River basin was included as one of the New 7 Wonders of Nature.
The loan agreement will be payable in 40 years and with a 10-year grace period with an interest rate of 0.1%. Construction is expected to begin within the year for completion in 2015.
Engineering works was provided by Price Waterhouse and Cooper International.
DOTC awarded PPS airport consultancy contract to Incheon Airport operator Incheon International Airport Corp. in the amount of KRW4.678 billion or about $4.1 million.
ReplyDeleteThe company operates the largest airport in South Korea and one of the busiest airports in the world.It was rated the best airport worldwide by Airports Council International in 2005 to 2012.