In line with the Duterte administration’s ambitious Build, Build, Build program, the Department of Finance (DoF) and the Japan International Cooperation Agency (JICA) inked a loan agreement on Monday amounting 4.376 billion yen to fund the New Bohol Airport project.
Signed by Finance Secretary Carlos Dominguez III and JICA chief representative Yoshio Wada, the amount will cover the expansion of the airports’ runway and passenger terminal building.
Transportation Secretary Arthur Tugade and Economic Affairs Minister of the Embassy of Japan Makoto Iyori witnessed the official signing of the supplemental loan accord.
The agreement would also cover the Sustainable Environment Protection Project in Panglao Island along with the Bohol airport project.
Dominguez said this was in accordance with the fast and sure approach adopted by Manila and Tokyo in the implementation of big-ticket infrastructure projects, noting the short period of four months for the agreement to be formalized.
“Under government conditions, this is amazing speed,” Dominguez told reporters on Monday.
“I look forward to this becoming the benchmark of efficiency for the other projects in the pipeline (under the government’s centerpiece program),” he added.
Dominguez further said if the government continues implementing with dispatch, the pace of growth required to deliver the benefits of inclusive growth will be sustained.
Also, the Japan government through JICA extended financial support reaching 10.782 billion yen to help fund the first phase of the New Bohol Airport which began construction in 2015.
Tugade thanked the DoF under Dominguez’s leadership for ensuring that projects like the Bohol airport are thoroughly deliberated and properly funded.
“This project shows that if we can work together, then we can really accelerate things in a platform of being certain, in a platform of comfort and a platform of safety,” Tugade said.
In all, Japan’s funding support for the New Bohol Airport helped ensure that the structure is environment-friendly and complied with domestic and international standards for operational safety and efficiency.
“With most of the work on the original project nearing completion, the ceremonial opening of this airport will likely happen later this year,” Tugade said.