The further expansion of the New Bohol Airport, or the Bohol-Panglao International Airport, is now underway following the signing by the Department of Finance (DOF) and the Japan International Cooperation Agency (JICA) of a supplemental loan agreement that will fund what is being touted as the Philippines’ first truly environment-friendly airport.
On Monday, Finance Secretary Carlos Dominguez III and JICA Chief Representative Yoshio Wada signed the supplemental loan agreement and formally exchanged documents for the Phase II of the New Bohol Airport Construction and Sustainable Environmental Protection Project in Panglao Island.
In his speech, Dominguez said the supplemental agreement provides a 4.376-billion yen loan to the Philippines for the second phase of the airport project that involves the expansion of the runway and passenger terminal building.
He said the initial loan was signed in 2013 and involves a funding support amounting to 10.782 billion yen, or P5.18 billion.
He said the supplemental loan agreement will make sure that the project “is compliant with domestic and international standards for operational safety and efficiency.”
“Even as we installed a large facility in a small island, great care was taken to protect the environment. The funding support included sustainable tourism development and the improvement of on-site wastewater disposal,” he said.
Construction of airports is among the priority projects of the Duterte administration under its “Build, Build, Build” program.
The Finance chief said the Bohol airport project, construction of which started in June 2015, is expected to have ceremonial opening in November. He added that the government took a “fast and sure” approach in their project tie-ups with Japan.
“In the case of this supplemental loan, the Philippine Government went through all the approval processes within four months. The NEDA Board approved this supplemental loan on June 19, 2018. Today, we are signing the Loan Agreement. Under government conditions, this is amazing speed,” he said.
“I look forward to this becoming the benchmark of efficiency for the other projects in the pipeline. If we act with the same dispatch on all public projects, I am confident we will sustain the pace of growth we need to bring the benefits of inclusive growth to our people,” he added. (PNA)
more recommended stories
Palawan Thankful For Inclusion In ‘2018 Best Islands In The World’
The Palawan provincial government on Monday.
Biodiversity Assessment Set For Boracay’s Coastal, Marine Areas
As part of the island’s rehabilitation,.
Iloilo City Eyes Post-Harvest Facilities For Food Security
Admitting that Iloilo City no longer.
The Marketplace Brings Sophisticated Shopping To Iloilo
Iloilo shoppers now have access to.