NEW INTERNATIONAL AIRPORT IN PALAWAN
As people are coming and tourism is growing, the government needed to build a new International Airport in Palawan. The existing airport in Puerto Princesa City currently can hold up to 350,000 passengers a year. But in 2013, 1.34 million passengers came through this tiny airstrip in Palawan.
This project costs US$103 million ($83 for design and building). The funds for this project came largely through a Korean Export Import Bank (KEXIM) loan.
The loan is payable in 40 years and has a 10 1/2 year grace period, with an interest rate of 0.1% per year. The project was given to two South Korean firms Kumho Industrial Co. Ltd. and GS Engineering and Construction joint venture (Kumho-GS). The bidding was limited to only South Korean companies according to the statement.
The New International Airport is expected to open in January 2017 and will be able to hold a new capacity of 2 million passengers a year.
Originally posted 2016-08-01 02:16:14. Republished by Blog Post Promoter