Kumho-GS wins bid
21 May 2014
21 May 2014
|Department of Transportation and Communications (DOTC) has unveiled
on Tuesday the new US$82.9 million terminal building with capacity for 2
million passengers in Puerto Princesa Airport, scheduled to open in
March 2017. |
Construction of this projcet was funded through the Korean Export Import Bank (KEXIM) loan amounting to $71.6 million while the rest is funded by the Government of the Philippines (GOP). The loan is payable in 40 years, inclusive of a 10-and-a-half-year grace period, at an interest rate of 0.1 percent a year.
Bidding for the project was limited to South Korean companies in accordance with the Guidelines set for Procurement of Korea’s Economic Development Cooperation Fund (EDCF), and was awarded to Kumho Industrial Co. Ltd.-GS Engineering and Construction joint venture (Kumho-GS), which is set to start work on a new passenger and cargo building, apron, taxiways and navigation facilities by the end of this year.
In 2013, Puerto Princesa Airport registered 1.34 million travelers against the 350,000 passenger capacity terminal building.