TUGUEGARAO CITY, Philippines- The Cagayan Economic Zone Authority (CEZA) is eyeing for P10 billion fund for the development of the Cagayan freeport to attain its full operational status.
CEZA administrator and chief executive officer Raul Lambino, during the CEZA Investment Summit 2018 on Tuesday, May 22, said the improvement of the Port Irene will enhance the business environment and bring economic growth in North Luzon.
Lambino said a major dredging is needed in the Port’s bay so it could allow bigger marine vessels to dock.
Currently, the port has a depth of 8 to 12 meters. After the dredging, it will have a depth of 15 to 18 meters.
The dredging, he said, will cost P5 billion, while another P5 billion is needed if the port a new breakwater will be constructed.
Earlier, Lambino said Korean firm Fairbridge Overseas Development Philippines, Inc proposed to dredge the port’s bay at no cost to the government. It is also set to invest P2.5 billion to the Freeport.
Meanwhile, Lambino said his administration is also prioritizing the development and improvement of the Lal-lo Airport, which is now catering chartered flights from and to Macau, China.
““For now, and in the foreseeable future, we have assigned the highest priority to the development of Port Irene and Cagayan North International Airport,” he said. Northernforum.net