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Manila Bulletin devider Business devider New infra projects to boost tourism, trade—Recto

New infra projects to boost tourism, trade—Recto

Published Dec 18, 2024 09:56 pm

The Department of Transportation (DOTr) has signed agreements with major private corporations for three key infrastructure projects aimed at boosting tourism, trade, and transportation across the Philippines.

According to the Department of Finance (DOF), the Public-Private Partnership (PPP) projects include the Bohol-Panglao International Airport, the New Dumaguete and Siargao Airports, and the New Cebu International Container Port.

Aboitiz InfraCapital, Inc. secured a 30-year concession agreement worth approximately P4.53 billion to upgrade, expand, and manage the Bohol-Panglao International Airport, with turnover scheduled for June of next year.

The International Finance Corporation (IFC) secured Transaction Advisory Services Agreements for the New Dumaguete and Siargao Airports, the New Cebu International Container Port, and the Cebu Bus Rapid Transit.

"The IFC's transaction advisory services will help the government implement the PPP transactions and expand private sector participation," the DOF said in a Dec. 18 statement.

The DOTr also awarded the Civil Works Contract for the New Cebu International Container Port to HJ Shipbuilding Corporation Co. Ltd.

"All these projects are a major win for the economy, for tourism, for the environment, for the private sector, and most of all, for the Filipino people," DOF Secretary Ralph G. Recto said, explaining that these projects will create jobs, boost incomes, and help alleviate poverty.

The three upgraded airport projects, he said, will enhance tourism and bring economic growth and modernization to residents of Bohol-Panglao, Dumaguete, and Siargao.

"Meanwhile, the New Cebu International Container Port is set to strengthen the country's maritime infrastructure and elevate the Philippines as a key trade and logistics hub in Southeast Asia," the DOF added.

The Cebu Bus Rapid Transit will provide Cebuanos with a safer, more efficient, and environmentally friendly transport system.

The DOF is responsible for evaluating both solicited and unsolicited PPP proposals through a thorough screening process before submitting them to the Investment Coordination Committee (ICC) and the National Economic and Development Authority (NEDA) Board.

Recto assured the public that the agency will thoroughly and efficiently review each project and contract to maximize benefits for Filipinos.

Related Tags

Finance Secretary Department of Transportation (DOTr) ralph recto Department of Finance (DOF)
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