The Department of Finance (DOF) has secured financing agreements with South Korea through the Export-Import Bank of Korea (KEXIM), for the construction of the new Dumaguete Airport and other infrastructure projects nationwide.
On Wednesday, Finance Secretary Ralph Recto inked the financing agreement with KEXIM Chairman and CEO, Yoon Hee-Sung, on the Economic Development Promotion Facility (EDPF). The project also includes the construction of an enhanced airport in Dumaguete.
“The new airport will enhance our capacity to welcome a surge of tourists in the post-pandemic era. With the new Dumaguete airport, we anticipate accommodating up to 2.5 million passengers per year, up from just 800,000. From serving limited domestic flights, we can now open the door to international routes,” Secretary Recto explained.
KEXIM will fund PHP 13.15 billion for the new Dumaguete City Airport project, which covers 197.55 hectares of land in Negros Oriental. Its facility expansion would comply with the set standards for operational safety and efficiency; allowing both domestic and international flights. This would also be in line with their aim to enhance tourism, trade potential, economic activities, and the standard of living in the province.
“The necessity for a bigger and more modern airport is undeniable, especially considering that Negros Oriental currently has only one major airport,” Recto added.
Moreover, Recto indicated that the government is also aiming to upgrade more regional airports in the country so that “no destination is left behind”. As part of President Ferdinand Marcos Jr.’s Build Better More Program, the government is targeting to modernize and expand every island in the archipelago.
Aside from the airport expansion, the funding from South Korea would also make way for the issuance of more infrastructure projects nationwide, including bridges and disaster risk reduction efforts.
A few of the projects being considered for possible funding assistance under the new facility are:
- Panay-Guimaras-Negros Island Bridges
- Consolacion-Liloan Bypass Road Project
- Lapu-Lapu Coastal Road Project of the DPWH
- Pampanga Integrated Disaster Risk Reduction and Climate Change Adaptation Project Phase II
Recto assured that DOF would continuously monitor and personally visit the project sites to ensure their timely completion. The DOF would also ensure the projects’ uninterrupted funding and delivery.
The financing agreements between Recto and Yoon for the projects were signed on behalf of each of their respective countries.
During the ceremony, Recto thanked Yoon for aiding the Philippines towards a more robust infrastructure development.
“These strategic investments that you are generously supporting will certainly underpin all our efforts to build an economy that is truly inclusive for our people—one that secures the future of every Filipino child,” he said.
