The Philippines has committed to a new international airport worth $34.19m (1.66bn peso) at the 54,000ha Cagayan Special Economic Zone.
State-run Cagayan Economic Zone Authority (Ceza) and the private sector-owned Cagayan Land Property Development Corp. have formed a joint venture for the construction of the airport.
Under the agreement Ceza will invest 691m peso or 41.7% of the total equity, while CLPDC will fund the remaining 966m peso.
The airport will have a 2,200m runway, 45m wide, a terminal building covering a floor area of 1,000m², a paved apron and tarmac for two aircraft and a control tower.
The runway will be built to accommodate large aircraft.
The construction of the airport is scheduled to begin in September 2009 and will be complete within a year.
