The National Economic and Development Authority (NEDA) has approved the revised investment proposal for Panglao Island International Airport in the Philippines.

The government agency increased the project investment from $90m (PHP4.27bn) to $159m (PHP7.54bn).

A total of $63.3m (PHP3bn) will be procured from the Manila International Airport Authority, while the Department of Transportation and Communication will provide $94.9m (PHP4.5bn).

Construction of the airport is expected to begin by 2010, and is scheduled for completion in 2012.