BY MAYVELIN U. CARABALLO
The government has secured a supplemental loan amounting to 4.37 billion yen or about ₱2.1 billion from Japan for Phase II of the New Bohol Airport project.
The loan agreement was signed on Monday by Finance Secretary Carlos Dominguez 3rd and Yoshio Wada, chief representative of the Japan International Cooperation Agency (JICA).
In a speech, Dominguez said the loan would cover the extension of the runway to 2,500 meters from 2,000 meters, which will enable the airport to accommodate large commercial aircraft.
It will also cover the expansion of the passenger terminal building to 13,300 square meters from 8,500 square meters, which “anticipates problems of congestion that may arise as tourism traffic in the area will rise quickly in the near future.
“I thank the Government of Japan for extending funding support for the second phase of the New Bohol Airport project. This project will have a substantial impact on the economic performance of [the]central Philippines,” the Finance chief said.
The supplemental loan carries an interest rate of 10 basis points, which is 0.1 percent per annum for non-consulting services and 1 basis point, which is 0.01 percent per annum, for consulting services.
It has a maturity of 40 years inclusive of a 12-year grace period.
Japan also provided funding support of about ₱5.18 billion or $237 million for the first phase of the New Bohol Airport, which began construction in 2015 and is dubbed the country’s first international “eco-airport.”
With much of the work on the original project nearing completion, Dominguez said he expected the ceremonial opening of the airport to happen “sometime in November.”
The loan agreement was signed on Monday by Finance Secretary Carlos Dominguez 3rd and Yoshio Wada, chief representative of the Japan International Cooperation Agency (JICA).
In a speech, Dominguez said the loan would cover the extension of the runway to 2,500 meters from 2,000 meters, which will enable the airport to accommodate large commercial aircraft.
It will also cover the expansion of the passenger terminal building to 13,300 square meters from 8,500 square meters, which “anticipates problems of congestion that may arise as tourism traffic in the area will rise quickly in the near future.
“I thank the Government of Japan for extending funding support for the second phase of the New Bohol Airport project. This project will have a substantial impact on the economic performance of [the]central Philippines,” the Finance chief said.
The supplemental loan carries an interest rate of 10 basis points, which is 0.1 percent per annum for non-consulting services and 1 basis point, which is 0.01 percent per annum, for consulting services.
It has a maturity of 40 years inclusive of a 12-year grace period.
Japan also provided funding support of about ₱5.18 billion or $237 million for the first phase of the New Bohol Airport, which began construction in 2015 and is dubbed the country’s first international “eco-airport.”
With much of the work on the original project nearing completion, Dominguez said he expected the ceremonial opening of the airport to happen “sometime in November.”
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