A South Korean company, through its Philippine subsidiary, has offered to undertake the expansion and modernization of Port Irene in Santa Ana, Cagayan in a proposal to dredge its harbor and reinforce its pier that would allow large cargo and cruise vessels to dock, the Philippine News Agency (PNA) informs.
Saying that it is “a breakthrough proposal at no cost to the government,” Secretary Raul Lambino, administrator and chief executive officer of the Cagayan Economic Zone Authority, said that the proposed expansion and modernization would be done by Fairbridge Overseas Development-Philippines, Inc. or FODPI, the local subsidiary of a South Korean firm of the same name.
“It will mark the beginning of the development of Port Irene to its full potential,” he said.
Lambino and FODPI president Kim Myung Hwan recently signed a Memorandum of Understanding (MOU), setting the scope of the project.
The proposed modernization includes dredging of the navigational channel, upgrading of existing piers and wharves and reinforcing the one-kilometer concrete breakwater and repairing its storm-damaged portions.