Land Bank of the Philippines recently granted Clark International Airport Corp (CIAC) a P1-billion loan to finance the second phase of Clark International Airport’s (CIA) modernization program.
CIAC president and chief executive Victor Jose Luciano said the P1-billion loan has a 10-year term, two-year grace period, and preferential interest rate of 4.25% per annum.
Of the total loan, P360 million will be used to expand the passenger terminal building. The rest will be used for improvements and other support infrastructure facilities, such as navigational equipment, and for CIAC’s working capital.
The existing passenger terminal of CIA, formerly Diosdado Macapagal International Airport, two hours away from the capital Manila, can only accommodate 2.5 million passengers annually. Last year, CIA saw a 19% increase in international passengers to 725,023 from the previous year’s 607,704.
The second phase of CIA’s modernization program will be bidded out on March 5.
Meanwhile, low-cost carrier Air Asia Philippines will start its Clark-Davao and Clark-Kalibo flights at CIA on March 28.
The airline, a subsidiary of Philippine Airlines, will also begin offering Clark-Davao, Clark-Kalibo, Clark-Cebu and Clark Puerto Princesa services on March 29.
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