MANILA, Philippines - South Korea is providing a $71.612 million soft loan to the Philippines for the development of the Puerto Princesa airport in Palawan.
The Philippine and South Korean governments, represented by Finance Secretary Cesar V. Purisima and Export-Import Bank of Korea (KEXIM) chairman and president Yong Hwan Kim, signed the loan agreement last August 23.
KEXIM will provide the official development assistance (ODA) loan to finance the improvement and rehabilitation of Palawan's gateway airport.
The project, under the Department of Transportation and Communications (DOTC), entails the construction of a new passenger terminal and new access road, improvement of the runway and provision of navigational aids to accommodate increased domestic and international flights.
The project will help boost transport and trade links under the Brunei Darussalam, Indonesia, Malaysia and the Philippines – East ASEAN Growth Area (BIMP-EAGA) and boost tourism and economic growth in Puerto Princesa.
This is the second loan agreement signed this year between KEXIM and the Philippine government following the $207.88 million loan agreement for the Jalaur River Multipurpose Project Phase II of the National Irrigation Administration.