The modern airport, which is set to be completed in 2011, is a flagship project of President Gloria Macapagal Arroyo in Northern Mindanao under the Mindanao Super Region Program.

A provincial official inspected recently the work on the project and reported that "all systems go and the ground work continues without delay."

Engineer Delia Capicenio, project manager of the Laguindingan Airport Development Project (LADP), told Misamis Oriental Gov. Oscar Moreno that the acquisition of the affected properties for the access roads being undertaken by the provincial government is now 100 percent complete.

The ground preparation for the airport’s access road, including road embankment, excavation and sub-grade preparation started last July 2007, and is now 28.27 percent accomplished.

The construction of the access roads costs P188 million. Target date of completion of the ground work on road embankment and excavation and sub-grade preparation is August, this year.

Engineer Capicenio said the main civil work of the airport costing P4.991 billion started on Jan. 18, this year, and is now .38 percent complete.

The groundwork on the establishment of consultants and contractors’ temporary facilities, mobilization of contractor’s resources at site such as materials, labor, equipment, and site cleaning is now in full blast.

Target date of completion is January 2012, she said.

Air navigation and support facilities that would cost P708 million will be bidded out this year.

The Laguindingan International Airport is funded with a loan secured by the Philippine government and the government of Korea.

The loan was sourced out from various creditors in Korea. These are the Economic Development Cooperation Fund (EDCP) for the original loan of $ 22.40 million; EDCP for the supplemental or additional loan amount of $ 8.2 million; Export credit, $ 62.75 million; Nordic Investment Bank (NIB), $ 13.38 million; and government of the Philippines, $ 60.36 million. These amount to 7.09 million or P7.853 billion.

The total loan is payable in 20 years, with a grace period of 10 years. The repayment will start two years from now or in 2010 and will be shouldered by the national government, it was learned.

The Department of Transportation and Communications (DoTC) already started drawing from the loan proceeds that were used as advance payments for contractors.

The operation of the Laguindingan International Airport once completed and operational, will create more employment, boost the economy of the region, and add tax revenues, particularly Laguindingan town and nearby areas, Moreno said.

Moreno said the international airport will not only cater to international flights, but also domestic flights.

"We are moving forward and we are optimistic of more economic activities in the years ahead in this province," Governor Moreno said.