Korea Eximbank To Fund New Dumaguete Airport

Duterte's First Airport Infrastructure Submitted For Funding

5 July 2015

Department of Finance (DOF) has announced yesterday that Korea Eximbank (KEXIM) will finance the construction of the $137 million proposed new Dumaguete Airport development project in Bacong, Negros Oriental.

This is the first airport project to be offered under Official Development Assistance (ODA) by the Duterte Administration and the fourth Korean Project after Laguindingan, Puerto Princesa, and Panglao.

Finance Secretary Carlos Dominguez III said feasibility studies for this airport will need to be submitted to the National Economic and Development Authority-Investment Coordination Committee (NEDA-ICC) for approval this year, after which it will be submitted to the South Korean government for funding.

The P8.5 million Feasibility and Master Plan Study for Dumaguete Airport Development Project was already prepared by TCGI Engineers in 2013.

South Korea has offered to finance USD1 billion worth of infrastructure projects of the Philippine government through its Economic Development Cooperation Fund between 2017 and 2022.

The loan was offered by the Korea Export-Import Bank, after it met with selected agencies of the Philippine government last month to discuss financing participation in the government’s infrastructure-building push.

Dominguez said that one-fourth of the project amount would be shouldered by the Philippine Government for lot acquisitions.

Construction of the P7 billion proposed new Bacong airport will take place around 2019 and would take about five years to complete. The all-weather airport will have a 2km x 45m two-way runway and passenger terminal building capable of supporting 1.5 million passengers per annum.

“Right now there’s still no approval from the ICC, so that is where we are right now.”Dominguez said.

Dumaguete is the 17th busiest airport in the country registering 546,276 passengers in 2016. It is expected to handle 1 million passengers in 2024, according to latest projections.

2 comments:

  1. I hope the airport won't lack character as the Korean-made Puerto Princessa airport. I hope a Filipino will do the design since it is us who better understand our culture and sensibilities.

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  2. hahah, Filipino always knows best Korean is First World Country don't know anything. Maybe you can put some sari sari stores in the Airport.

    ReplyDelete