The Korea International Cooperation Agency (KOICA) said it will finance the feasibility study of the construction of a new passenger terminal in Cebu.
In a statement, Kim Jinoh, KOICA resident representative, said the project will help boost Cebu’s position as a premier tourism and business destination in the region.
"Through this project, we hope to facilitate the upgrading of the Mactan-Cebu International Airport to meet the growing demands of Cebu’s vibrant economy,†Kim said.
The existing terminal in Cebu can only accommodate up to 4.5 million passengers a year. But in 2009, it handed around 4.8 million passengers according to government estimates.
The Korean government through KOICA will provide a grant of $ 1.1 million for the project.
It will likewise dispatch Korean experts to the Philippines, train local officials and personnel in Korea and provide relevant equipment.
The Philippines, meanwhile, is tasked with forming a steering committee and technical working group, facilitating the approval of necessary permits and clearances and providing information such as maps and statistical data.
The project will be implemented from 2010 to 2011.
Earlier, KOICA raised its grant assistance to $ 15 million this year from $ 10 million in 2009.
Other projects up for financing are the $ 13-million Modern Integrated Rice Processing Complex in four provinces, the $ 3-million Modern Integrated Rice Processing Complex also for four provinces, the $ 2.4-million Computerization of the Forward Estimates System for Budget Allocation of the Philippines, the $ 3-million Enhancing Philippine Livestock Industry Performance through an Institutionalized Genetic Improvement System and the $ 1.1-million Financial Statement on the Establishment of Multi-Industry Clusters in the Philippines.
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