The Philippines under the administration of Pres. Rody Duterte is indeed one of the most trusted in Asia as shown by the latest decision of a South Korean company, through its Philippine subsidiary, has offered to undertake the expansion and modernization of Port Irene in Santa Ana, Cagayan without the government spending money or free of charge to the national government.
The South Korean company's proposals is to dredge Irene Port's harbor and reinforce its peier that would allow large cargo and cruise vessels to dock.
According to Secretary Raul L. Lambino, administrator and CEO of the Cagayan Economic Zone Authority (Ceza), the proposed expansion and modernization would be undertaken by Fairbridge Overseas Development-Philippines Inc., or Fodpi, the local subsidiary of a South Korean firm of the same name.
“This is a breakthrough proposal, for it is at no cost to the government,” Lambino said in news statement issued on Monday. “It will mark the beginning of the development of Port Irene to its full potential,” he added.
The Memorandum of Understanding (MOU) was already signed by Sec. Lambino and Fodpi President Kim Myung-hwan, setting the scope of the project. Port Irene, located in Cagayan’s northernmost tip along the Northern Pacific’s major international shipping lanes, is the jewel of the Cagayan Economic Zone and Freeport, but poor port conditions and inadequate infrastructure have set back its development.
The proposed modernization of Irene Port in Cagayan includes the dredging of the navigational channel, upgrading of existing piers and wharves and reinforcing the 1-kilometer concrete breakwater and repairing its storm-damaged portions.
Under the MOU, Fairbridge would get the sea sand dredged from the harbor and its periphery and use the harbor for its business. The Korean company planned to contract local labor for the manufacture of building materials made out of sea sand for its mass-housing project and for the importation and local sale of the product.
The South Korean company's proposals is to dredge Irene Port's harbor and reinforce its peier that would allow large cargo and cruise vessels to dock.
According to Secretary Raul L. Lambino, administrator and CEO of the Cagayan Economic Zone Authority (Ceza), the proposed expansion and modernization would be undertaken by Fairbridge Overseas Development-Philippines Inc., or Fodpi, the local subsidiary of a South Korean firm of the same name.
“This is a breakthrough proposal, for it is at no cost to the government,” Lambino said in news statement issued on Monday. “It will mark the beginning of the development of Port Irene to its full potential,” he added.
The Memorandum of Understanding (MOU) was already signed by Sec. Lambino and Fodpi President Kim Myung-hwan, setting the scope of the project. Port Irene, located in Cagayan’s northernmost tip along the Northern Pacific’s major international shipping lanes, is the jewel of the Cagayan Economic Zone and Freeport, but poor port conditions and inadequate infrastructure have set back its development.
The proposed modernization of Irene Port in Cagayan includes the dredging of the navigational channel, upgrading of existing piers and wharves and reinforcing the 1-kilometer concrete breakwater and repairing its storm-damaged portions.
Under the MOU, Fairbridge would get the sea sand dredged from the harbor and its periphery and use the harbor for its business. The Korean company planned to contract local labor for the manufacture of building materials made out of sea sand for its mass-housing project and for the importation and local sale of the product.
Source: BusinessWorld
South Korean Company Offered Expansion & Modernization of Port Irene Free of Charge
Reviewed by Phil Newsome
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April 07, 2018
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Reviewed by Phil Newsome
on
April 07, 2018
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