Wednesday, January 09, 2008 LAPD seen to cover Oro, Iligan traffic
PRESIDENT Gloria Macapagal-Arroyo is scheduled to visit Misamis Oriental on January 10 to grace the 78th Anniversary of the province at the Capitol Grounds, Lara Park, formerly MacArthur Park, this city.
In a press statement, Misamis Oriental Governor Oscar Moreno said while in the province, the President would see for herself the status of implementation of the Laguindingan Airport Development Project (LADP), the groundbreaking of which she attended on January 11, 2006.
The LADP is aimed at developing a new major trunk line airport of "international standards" to meet the increasing aviation traffic demand of the Cagayan de Oro-Iligan Corridor (CIC).
Located in Barangay Moog, Laguindingan, Misamis Oriental, which is about 30 kilometers, northwest of the city, the project is accessible through a 5-kilometer barangay road from the poblacion through the CDOC-Iligan City Road.
Its original project scope include the consulting services, such as reviewing and updating of the feasibility study and master plan, the preparation of the detailed engineering and tendering of documents and the construction-supervision of a passenger/cargo terminal building and control tower, as well as, the procurement of air navigation and airfield visual aids.
Data from the Department of Transportation and Communication (DOTC) show that as of August 30, 2007, the National Economic and Development Authority-Investment Coordinating Committee (Neda-ICC) Technical Board and Cabinet Committee had jointly approved its revised project cost in the amount of P7.853 billion or US$167.09 million and had favorably endorsed additional loans of US$84.33 million.
Thus, the revised cost of the project (RCP) is P2.467 billion higher than the 2002 ICC-approved RCP of P5.385 billion or an increase of about 45.8 percent, mainly due to inflation and taxes.
The DOTC also said that arrangements between the Government of the Philippines (GOP) and the Republic of Korea for the Economic Development Cooperation Fund (EDCF) Supplemental Loan of US$8.20 million was signed on January 2, 2008, while the Export Credit Loan of US$62.75 million was approved by the Korean Export-Import (KEXIM) Bank on November 16, 2008.
The proposed financing plan of the LADP will be as follows: EDCF Original Loan, US$22.40 million, EDCF Supplemental Loan, US$8.20 million, Export Credit, US$62.75 million, Nordic Investment Bank (NIB) of Germany, US$13.38 million and GOP, US$60.36 million or a total of US$167.09 million or P7.853 billion.
The DOTC said a loan amount of KrW21.172 billion took effect on June 19, 1998 and closed on December 2002 was provided by the original funding source, the EDCF.
Original cost of the project as approved by the Neda-ICC was P902.70 million, of which P227.70 million comes from the GOP, while P675 million comes from the Loan Partners (LP).
However, as of September 2002, Neda-ICC came up with a revised project cost of P5,385.55 million, of which P1,615.67 million comes from the GOP and P3,769.88 million from the LP.
An amended EDCF Loan was signed and approved on January 2004 involving an amount of US$16.40 million with a supplemental loan of US$8.10 million, while the Kexim Bank granted an additional loan of US$38.90 million and the NIB, US$12 million. (Trends)
