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MANILA - South Korea will provide a $71.612 million loan to finance the rehabilitation of the Puerto Princesa Airport, the Department of Finance said on Wednesday.
In a statement, the DOF said both parties signed the loan agreement on August 23, with Finance Secretary Cesar V. Purisima representing the Philippines and Export-Import Bank of Korea Chairman and President Yong Hwan Kim for South Korea.
The loan would be coursed through the Economic Development Cooperation Fund.
The project aims to expand the Puerto Princesa Airport through the construction of a new passenger terminal with facilities as well as the construction of a new access road, improvement of the runway and provision of navigational aids to accommodate increased domestic and international flights.
The Department of Transportation and Communications will implement the project.
Besides boosting Palawan's tourism prospects, the project would revitalize the transport and trade linkages among participants of the BIMP-East Asean Growth Area, which groups Brunei Darussalam, Indonesia, Malaysia and the Philippines.
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