South Korea-based Fairbridge Construction Corp. is eyeing to spend P2 billion to expand and modernize Port Irene in Santa Ana town in Cagayan to accommodate large cruise and cargo vessels, the Cagazan Economic Zone Authority (CEZA) said. Found inside the Cagayan Special Economic Zone and Freeport, Port Irene is near the biggest developed markets in the Asia-Pacific. Though the port is located along major international shipping lanes, inadequate infrastructure and poor port conditions hindered the realization of its potential. Fairbridge will reclaim about 10 hectares of new land for port expansion and modernization to accommodate cruise ships and post-Panamax vessels. Earlier, CEZA said the North Cagayan International Airport in neighboring Lallo town will be opened to chartered flights next month.
Source: Manila Times February 14, 2018 16:07 UTC