Two new construction projects approved
The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom) has approved two new transport projects.
The Cavite-Laguna Expressway (CALEX) project will cost P43.3 billion (£659 million; $1.02 billion) and will involve the construction of a 47 kilometre four lane highway. The project is part of the 2011 to 2016 Philippine development Plan’s transport objective and will be financed by public-private partnership agreements with assistance from the Japan International Cooperation Agency (JICA)
The P4.8 billion (£73 million; $114 million) Bicol Airport project will lead to an international airport at Daraga, Albay province to replace the airport in Legazpi which has no ILS and can only take medium sized jet aeroplanes. The new airport will include the construction of passenger and cargo terminals and enhanced navigational aid equipment.