Announcement of Provincial Ports to be Expanded and Improved in Philippines on May 28, 1987

FOR IMMEDIATE RELEASE 4 World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. BANK NEWS RELEASE NO. 87/75 Contact: P. B. Sison (202) 477-3653 PROVINCIAL PORTS TO BE EXPANDED, IMPROVED IN PHILIPPINES WASHINGTON, May 28 -- In an effort to meet and serve projected shipping traffic volumes in the Philippines, the World Bank has approved a $32 million loan for a provincial ports project. The project will expand facilities at six ports -- Calapan, San Jose, Tagbilaran, Nasipit, Surigao and Pulupandan and rehabilitate and maintain existing facilities at six other ports. They are Bauan, Cagayan de Oro, Sta. Cruz, Legaspi, Tabaco and Pulauan. Ten additional ports will be selected at a later date for rehabilitation and maintenance. The projec~ will also provide for procurement of equipment and provision of technical assistance to the Philippine Ports Authority (PPA). In addition to the Bank loan, PPA will provide $14.6 million for the project, which will be carried out over five years. The World Bank loan is for 20 years, including five years of grace, with a variable interest rate currently 7.92 percent, linked to the cost of the Bank's borrowings. It also carries an annual commitment charge of 0.75 percent on the undisbursed balances. Note: Money figures are in U.S. dollar equivalents.