Philippines Launches Flagship Cagayan de Oro Airport Projects

Cagayan de Oro City -- Philippines President Gloria Macapagal-Arroyo has launched the US$108 million Laguindingan International Airport Development Project in Mindanao.

Located between the cities of Cagayan de Oro and Iligan in Lanao del Norte, Mindanao, the projected airport is envisioned to boost the investment activities within the Cagayan de Oro-Iligan Growth Corridor, one of Philippines' anticipated major growth areas.

As one of the year's most expensive and biggest projects, the airport scheduled to be completed in August 2010.

Initially, US$ 10 million will be used to commence the project with the construction of the access road going to the international airport site. The road project will undergo a bidding process for qualified contractors.

The demand for a new and much bigger airport is expected to enhance domestic and foreign travel and transportation in and around Mindanao, and extending to other ASEAN countries.

The existing airport in Cagayan de Oro City will be slated for privatization, proceeds from which will be used to finance the new airport.

1/22/06

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