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Korea Eximbank Approves $260 million for Bacong Airport Funding

8 August 2024

The Export-Import Bank of Korea said Wednesday that it will provide a $260 million loan grant to the Philippines to support the development of Bacong airport in Negros Oriental, Philippines.

Yoon Hee-sung, chairman and CEO of Eximbank, met with Ralph G. Recto, the secretary of the Philippine Department of Finance, in Manila on the day to sign the Economic Development Cooperation Fund loan agreement.

The project aims to establish a new airport in central Philippines with the capacity to handle 2 million passengers per year.

The EDCF provides long-term, low-interest loans to foster industrial growth and economic stability in developing countries while facilitating the global expansion of domestic companies. This loan represents the largest amount ever provided by the EDCF for a project in the Philippines.

Eximbank anticipates that this new project will enhance opportunities for domestic firms to engage in the Philippines' highly demanded aviation sector.

In addition, Eximbank signed a cooperation arrangement to offer $3 billion in Economic Development Promotion Facility support to the Philippines over the next five years. The EDPF is designed to fund large-scale infrastructure projects in developing nations.

Eximbank expects that the pre-established EDPF support limit and time frame will enable both countries to concentrate on identifying promising project candidates.

"This loan provision and cooperation arrangement will act as a basis for leveraging finance for landmark projects in the Philippines, and will serve as a stepping-stone for Korean firms to penetrate large-scale infrastructure construction markets," said Yoon.

CEB Opens Davao Hub

Opens Multiple Connections

7 August 2024

Low cost carrier Cebu Pacific (CEB) is set to re-open Davao hub in October as it begins to schedule four new routes from Davao International Airport for domestic and international services.

New flight services include the following routes which has already been loaded on Global Distribution System (GDS):

Davao – Bangkok Don Mueang eff 28OCT24 3 weekly A320
5J5964 DVO1655 – 2030DMK 320 135
5J5965 DMK2115 – 0250+1DVO 320 135

Davao – Caticlan eff 27OCT24 1 daily A320
5J4734 DVO1130 – 1305MPH 320 D
5J4735 MPH1335 – 1510DVO 320 D

Davao – Puerto Princesa eff 27OCT24 1 daily A320
5J4760 DVO1900 – 2040PPS 320 D
5J4761 PPS2110 – 2250DVO 320 D

Davao – Tacloban eff 29OCT24 3 weekly A320
5J4768 DVO1540 – 1705TAC 320 246
5J4769 TAC1735 – 1900DVO 320 246

CEB President and Chief Commercial Officer Xander Lao said with their new aircraft acquisition, they need to expand their operations as demand for air travel rises.

The airline recently received another A330-900neo and pair of A320neo aircraft.

Lao said they intend to locate 5 aircraft in Davao airport this year "to cater to more passengers looking to connect with other people or discover new destinations with Cebu Pacific."

The COO said they will re-introduce Singapore and planning connections for Bacolod and Dumaguete, as well as Seoul and Tokyo soon as more aircraft arrives. Also on the planning stages is the re-introduction of turboprop flights to Surigao and Dipolog.