MANILA, July 5 -- Philippine Finance officials said Korea Eximbank (KEXIM) has approved to finance the proposed New Cebu International Container Port in Consolacion, Cebu.
Finance Secretary Carlos Dominguez III told reporters that selection of this project for financing by South Korea’s export credit agency is based on its internal rate of return, among others.
The port project in the village of Tayud in Consolacion, Cebu has a projected cost of around PHP9.19 billion, PHP7.96 billion of which is up for official development assistance (ODA) funding while share of the Philippine government was set at PHP1.23 billion.
This is among the priority projects of the Duterte administration and will be constructed in a 25-hectare reclaimed area.
The project also include the construction or improvement of 1,450 meters of inland road and construction of a 300 linear meter offshore bridge that will connect the port to the shoreline.
It received the approval of the inter-agency Investment Coordination Committee-Technical Board (ICC-TB) on September 1, 2016, the ICC-Cabinet Committee (ICC-CC) on September 28, 2016, and the National Economic and Development Authority (NEDA) Board on November 14, 2016.
KEXIM has offered to finance USD1 billion worth of infrastructure projects of the Philippine government.
Finance Assistant Secretary Maria Edita Tan said they are currently conducting feasibility studies for several projects targeted to be presented for possible KEXIM financing.
These projects include the development of Marine Aids to Navigation in Luzon and the Visayas, the new Dumaguete Airport development project, the development of hybrid power generation systems in the country, the establishment of Mindoro multi-grain processing center, development of the national animal identification and traceability system, the drive-through portal inspection facilities in international ports of entry and the automated collection of slaughter data and issuance of meat inspection certificates.
Tan said all these additional projects do not still have the ICC approval.