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P1B in loan facility OKd for Clark airport

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P1B in loan facility OKd for Clark airport

/ 12:56 AM February 27, 2012

Clark International Airport Corp. (CIAC) and Land Bank of the Philippines recently signed a P1-billion loan facility for the second phase of the expansion of Clark International Airport’s passenger terminal.

CIAC president and CEO Victor Jose I. Luciano and LBP President and CEO Gilda Pico led the signing of the loan deal at the Land Bank of the Philippines building in Malate, Manila.

Luciano said CIAC was scheduled to start on March 5 the bidding for Phase II expansion of the P360-million passenger terminal.

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The loan will also be used for the improvement of other support infrastructure facilities including navigational equipment, which is vital in the operations of the airport.

Portion of the loan will also be used for CIAC’s working capital.

“Land Bank and CIAC have strengthened their partnership and we will continue to support CIAC’s vision for the development of Clark Airport as the premier gateway of the country,” Pico said during the signing ceremonies.

For his part, Luciano said “this (loan facility) manifests the continued support and confidence of Land Bank in CIAC and the airport.”

During the event, Luciano noted the slated start of commercial operations in Clark of Air Asia Philippines on March 28 and AirPhil Express on March 29.

In the meantime, CIAC reported a 37-percent growth in the Clark airport’s international flights. “We expect this to further grow with two more airlines starting their operations in Clark soon,” he added.

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TAGS: Airport, Clark International Airport Corp., Land Bank of the Philippines, loan, loan agreement, Philippines
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