A South Korean company had offered to expand and modernize Port Irene in Sta. Ana, Cagayan at no cost to the Philippine government, according to the head of the Cagayan Economic Zone Authority (Ceza).
Raul Lambino, Ceza administrator and chief executive officer, said in a press release that Fairbridge Overseas Development-Philippines Inc. (Fodpi) offered to handle the projects and finance these.
“This is a breakthrough proposal,” Lambino’s statement said of the Fairbridge offer.
“It will mark the beginning of the development of Port Irene to its full potential,” he added.
Lambino and Fodpi president Kim Myung-hwan recently signed a Memorandum of Understanding setting the scope of the project.
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