New Dumaguete Airport Project Gets Loan From Ex-Im Bank Of Korea

Finance Secretary Ralph G. Recto secured financing agreements with South Korea's Export-Import Bank (KEXIM) for the new Dumaguete Airport Development Project and additional infrastructure initiatives nationwide. The Dumaguete Airport project, costing PHP 17.06 billion, will receive PHP 13.15 billion in funding from KEXIM. This project involves developing 197.55 hectares in Bacong, Negros Oriental, to construct a new airport facility that meets domestic and international standards for safety and efficiency.

The new airport aims to significantly boost tourism and trade in the region, increasing passenger capacity from 800,000 to 2.5 million annually. This upgrade will transition traffic from the existing airport serving limited domestic flights. The project is part of broader efforts to modernize regional airports across the Philippines, ensuring equitable development across the archipelago.

The financing terms for the Dumaguete Airport project are highly concessional, with an interest rate of 0.05% per year for non-consulting services and 0.0% for consulting services, repayable over 40 years with a 10-year grace period. This development is expected to uplift the local economy by creating jobs, improving infrastructure, and enhancing the standard of living in the province.