By ANTHONY IAN CRUZ
Malaya
Dec. 17, 2007

THE Philippines and South Korea signed last week another agreement that will see Seoul providing $8.2 million in fresh funds for the P107-million Laguindingan Airport Development Project (LADP) which is touted as one of the most expensive infrastructure projects of the Arroyo government.

The Laguindingan airport is some 30 kilometers northwest of Cagayan de Oro City. It will replace the existing Lumbia Airport which serves the Cagayan de Oro-Iligan growth corridor in North Central Mindanao.

Foreign Affairs Secretary Alberto G. Romulo and Korean Ambassador Hong Jong-ki signed the papers for the supplemental loan last Thursday at the DFA headquarters in Pasay City. It will allocate an additional $8.2 million to the project and amend the original loan agreement worth $62.75 million signed on Feb. 24, 1998.

Total project cost for the LADP is pegged at $107.7 million (P4.4 billion), according to the Philippine Information Agency.

Romulo said the fresh funds will ensure that the LADP, the fourth international airport in Mindanao, will be finally completed after years of patient study and planning. “It will have a new runway and taxiway, a passenger terminal building and cargo facilities, air navigation and support facilities and vehicles, all measuring up to world-class standards,” he said.