BUSINESS
Advocates Philippines
Flying High: Dumaguete's New Airport And More Infrastructure Projects Take Off With Korea's Support
Photo credit: DOF
Finance Secretary Ralph Recto recently made a big splash in the world of infrastructure by securing crucial financing agreements with the Government of Korea. Thanks to these deals, major projects like the new Dumaguete Airport Development and the latest Economic Development Promotion Facility (EDPF) are set to take off, promising to boost the country's infrastructure landscape.
On August 7, 2024, during a ceremony filled with optimism and forward-thinking, Secretary Recto shared his excitement about the new Dumaguete Airport. "This new airport is not just a facility; it’s a gateway to our future. Imagine going from 800,000 passengers a year to 2.5 million! We're moving from domestic flights to potentially hosting international routes," he remarked.
With a whopping PHP 17.06 billion price tag, the Dumaguete Airport project isn't just a facelift—it's a complete transformation. The airport will be relocated to Bacong, Negros Oriental, where 197.55 hectares of land will be developed to create a state-of-the-art facility that meets both domestic and international standards. About PHP 13.15 billion of the funding is being generously supported by Korea’s Export-Import Bank (KEXIM), a clear sign of the strong ties between the two nations.
But the impact of this project isn’t just about numbers and new terminals. Secretary Recto envisions a brighter future for Negros Oriental, where tourism flourishes, trade booms, and the local economy thrives. "Negros Oriental needs a bigger, better airport, and we're delivering it," he emphasized.
And it doesn’t stop at Dumaguete. The Philippine government is gearing up to upgrade more regional airports across the archipelago, ensuring that the benefits of progress reach every corner of the country. "We’re making sure that no destination is left behind," Recto assured.
The Dumaguete Airport is just the beginning. Another significant stride in the country's development journey is the signing of a new USD 3-billion EDPF, again with South Korea’s backing. This facility is set to fund various infrastructure projects nationwide, from roads and bridges to disaster risk reduction initiatives. Some exciting projects in the pipeline include the Panay-Guimaras-Negros Island Bridges, the Consolacion-Liloan Bypass Road, and the Lapu-Lapu Coastal Road Project.
For Secretary Recto, these initiatives are more than just infrastructure improvements—they're about enhancing the lives of Filipinos. "These projects will not only improve mobility but also create jobs, boost incomes, uplift lives, and help reduce poverty," he said. The Department of Finance, under Recto's watch, is committed to ensuring these projects are funded, executed efficiently, and completed on time. "We’ll be monitoring these projects closely, even making personal visits to ensure their timely completion," he added.
In his closing remarks, Secretary Recto extended his heartfelt gratitude to the Government of Korea, represented by KEXIM Chairman and President Yoon Hee-sung, for their unwavering support. "Your investments are driving our progress and securing a brighter future for all Filipinos," Recto said, clearly appreciative of the strong partnership.
With interest rates on these projects being as low as 0.05% per year for non-consulting services and 0.0% for consulting services, it's clear that Korea is providing more than just financial support—they're offering a lifeline for the Philippines' ambitious infrastructure goals.
As the event concluded, the mood was one of optimism and collaboration, with everyone present— from Department of Transportation officials to local leaders—excited about the road ahead.
The Philippines is indeed ready to soar to new heights, and with the backing of friends like Korea, the sky’s the limit!
On August 7, 2024, during a ceremony filled with optimism and forward-thinking, Secretary Recto shared his excitement about the new Dumaguete Airport. "This new airport is not just a facility; it’s a gateway to our future. Imagine going from 800,000 passengers a year to 2.5 million! We're moving from domestic flights to potentially hosting international routes," he remarked.
With a whopping PHP 17.06 billion price tag, the Dumaguete Airport project isn't just a facelift—it's a complete transformation. The airport will be relocated to Bacong, Negros Oriental, where 197.55 hectares of land will be developed to create a state-of-the-art facility that meets both domestic and international standards. About PHP 13.15 billion of the funding is being generously supported by Korea’s Export-Import Bank (KEXIM), a clear sign of the strong ties between the two nations.
But the impact of this project isn’t just about numbers and new terminals. Secretary Recto envisions a brighter future for Negros Oriental, where tourism flourishes, trade booms, and the local economy thrives. "Negros Oriental needs a bigger, better airport, and we're delivering it," he emphasized.
And it doesn’t stop at Dumaguete. The Philippine government is gearing up to upgrade more regional airports across the archipelago, ensuring that the benefits of progress reach every corner of the country. "We’re making sure that no destination is left behind," Recto assured.
The Dumaguete Airport is just the beginning. Another significant stride in the country's development journey is the signing of a new USD 3-billion EDPF, again with South Korea’s backing. This facility is set to fund various infrastructure projects nationwide, from roads and bridges to disaster risk reduction initiatives. Some exciting projects in the pipeline include the Panay-Guimaras-Negros Island Bridges, the Consolacion-Liloan Bypass Road, and the Lapu-Lapu Coastal Road Project.
For Secretary Recto, these initiatives are more than just infrastructure improvements—they're about enhancing the lives of Filipinos. "These projects will not only improve mobility but also create jobs, boost incomes, uplift lives, and help reduce poverty," he said. The Department of Finance, under Recto's watch, is committed to ensuring these projects are funded, executed efficiently, and completed on time. "We’ll be monitoring these projects closely, even making personal visits to ensure their timely completion," he added.
In his closing remarks, Secretary Recto extended his heartfelt gratitude to the Government of Korea, represented by KEXIM Chairman and President Yoon Hee-sung, for their unwavering support. "Your investments are driving our progress and securing a brighter future for all Filipinos," Recto said, clearly appreciative of the strong partnership.
With interest rates on these projects being as low as 0.05% per year for non-consulting services and 0.0% for consulting services, it's clear that Korea is providing more than just financial support—they're offering a lifeline for the Philippines' ambitious infrastructure goals.
As the event concluded, the mood was one of optimism and collaboration, with everyone present— from Department of Transportation officials to local leaders—excited about the road ahead.
The Philippines is indeed ready to soar to new heights, and with the backing of friends like Korea, the sky’s the limit!
Aug 8, 2024
We are dedicated storytellers with a passion for bringing your brand to life. Our services range from news and media features to brand promotion and collaborations.
Interested? Visit our
Contact Us page for more information. To learn more about what we offer, check out our latest article on services and opportunities.
