The Japan Bank for International Co-operation has approved 4.83 billion pesos (about HK$917.7 million) in loans for the Mindanao International Container Terminal project.
The terminal in Tagoloan in southern Philippines is one of three major infrastructure projects in the country receiving development assistance from the Japanese Government this year.
The project, scheduled for completion in 2006, will be the first container port in Mindanao. It will be implemented by the Phividec Industrial Authority, a subsidiary of the Philippine Veterans Investment Development Corp.
Engineering design of the project is expected to begin at end of the year. Construction will start in October 2002.
The Philippines expects substantial local employment to be generated by the project, the initial phase of which includes construction of a 300-metre berth to accommodate 30,000-deadweight-tonne (dwt) ships.
It will also involve the acquisition of port equipment, such as loading and unloading facilities, and the construction of container and cargo yards, warehouses, parking areas, offices and roads.
