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MANILA - The Department of Transportation and Communications said the Korea Economic Cooperation Development Fund will lend out $13.29 million for the improvement of the air navigation system of the Laguindingan Airport.
In a statement, Transport Secretary Manuel "Mar" Roxas said the loan would be coursed through the Export-Import Bank of Korea, thus requiring the Philippine government to tap the Korean private sector for contractors.
The Laguindingan Airport will require a better instrument landing system, a Doppler radar, a communications system, an automated weather observation system, electrical works for the air navigation system and aeronautical ground lighting system, among others.
About 90 percent of civil works at the airport has been completed by Yooshin Engineering Corp., SCHEMA Konsult, Inc., and the Hanjin Heavy Industries and Construction Co. Ltd. - all South Korean firms.
The airport will become the main gateway to the cities of Cagayan de Oro and Iligan in northern Mindanao, helping boost the region's status as a food basket.
“This will be a major trading and tourist hub. Its operation would have a multiplier effect in the region, and this would mean more jobs for the people," Roxas said.
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