The Department of Transportation has scheduled the inauguration of upgraded Puerto Princesa Airport. The new and improved airport in Palawan was previously scheduled to open first quarter of this year, however, construction was extended 90 days because of the development of perimeter road.
“On May 3, 2017, the DOTr will inaugurate the Puerto Princesa Airport, a newly developed international airport which was designed to accommodate 1.9 million passengers annually,” DOTr said.
The P4 billion worth development project included the construction of new passenger and cargo building, apron, taxiways and navigation facilities.
In 2014, Kumho Industrial Co. Ltd.-GS Engineering and Construction joint venture (Kumho-GS) won the bidding for the $82.9-million design-and-build contract for the airport development project. The contract gave the joint venture 30 months to complete the project.
The project was mainly funded through a Korean Export Import Bank (KEXIM) loan amounting to $71.6 million which is payable in 40 years, inclusive of a 10-and-a-half-year grace period, at an interest rate of 0.1 percent a year. Bidding for the project was limited to South Korean firms.
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