PNoy sees signing of irrigation project loan pact

by Willard Cheng, ABS-CBN News

Posted at Aug 09 2012 07:50 PM | Updated as of Aug 10 2012 03:50 AM

MANILA, Philippines - President Benigno Aquino on Thursday witnessed the signing of a US $207.88-million loan agreement that will implement the Jalaur River Multipurpose Irrigation Project Phase II of the Department of Agriculture- National Irrigation Administration.

Finance Secretary Cesar Purisima and Byun Sang-wan, executive director of the Export-Import Bank of Korea, signed the agreement.

The project involves the construction of a high dam and reservoir, after bay dam, catch dam, high line canal, and penstock in Sta. Barbara, Iloilo.

The project is expected to help increase agricultural and fishery production in the Jalaur River area.

One of the incidental benefits of the project includes flood mitigation and improvement of flood control systems.