A $71.612-million loan has been signed between the Philippines and the Republic of Korea for the development of the Puerto Princesa Airport in Palawan.
The agreement was signed on August 23 by Finance Secretary Cesar V. Purisima and Export-Import Bank of Korea (KEXIM) Chairman and President Yong Hwan Kim, according to a statement released today.
The loan will finance the improvement and rehabilitation of the gateway airport of the province of Palawan through the construction of a new passenger terminal and access road, the improvement of the runway and the provision of navigational aid to accommodate increasing domestic and international flights.
This was the second loan agreement signed this year between the the Philippines and Korea following the $207.88-million Jalaur River Multi-purpose Project Phase II, launched in August.
The loan will finance the improvement and rehabilitation of the gateway airport of the province of Palawan through the construction of a new passenger terminal and access road, the improvement of the runway and the provision of navigational aid to accommodate increasing domestic and international flights.
This was the second loan agreement signed this year between the the Philippines and Korea following the $207.88-million Jalaur River Multi-purpose Project Phase II, launched in August.
article source: http://www.bworldonline.com/content.php?section=Economy&title=Philippines-taps-$71.6-M-loan-to-upgrade-Puerto-Princesa-airport&id=58333
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