Philippines and Japan sign supplemental loan pact for New Bohol Airport expansion project

By | October 8, 2018

Philippines and Japan Sign Supplemental Loan Pact

 

On behalf of the Philippine government, Finance Secretary Carlos Dominguez III signs
the loan agreement with Japanese government for the New Bohol Airport Construction
and Sustainable Environmental Protection Project Phase II today at DOF Bldg., Roxas Blvd.

 

The actual signing of loan agreement by Finance Secretary Carlos Dominguez III (left)
and JICA Chief Representative Yoshio Wada (right) for the New Bohol Airport Construction and Sustainable Environmental Protection Project Phase II at DOF Bldg., Roxas Blvd.

supplemental loan

Philippines and Japan sign supplemental loan pact | Image Credit | DOF

 

Finance Secretary Dominguez gives his thanks to the Government of Japan for extending
funding support for the second phase of the New Bohol Airport project.

 

The New Bohol Airport, also known as Bohol Panglao International Airport, was initially
supported by a loan agreement signed in 2013. Under this agreement, the Government of
Japan extended funding support amounting to 10.782 billion YEN (PHP 5.18B or $237M).

 

Using this funding, we built the New Bohol Airport at Panglao that is compliant with
domestic and international standards for operational safety and efficiency, the
secretary said.

 

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.

 

The funding for the second phase amounting 4.376 billion YEN (about PHP 2.10B or $40.61M) is supplemental to the previously signed loan agreement with generous terms granted by the lender.

 

This supplemental loan will cover the extension of the runway from 2,000 meters to 2,500
meters. This will enable the airport to accommodate large commercial aircraft.

 

This also covers expansion of the passenger terminal building from 8,471 square
meters to 13,337 square meters. This anticipates problems of congestion that may
arise should tourism traffic to the area rise faster than anticipated.

 

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, secretary further said.

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