Home / News / Clark Intertional Airport Corporation (CIAC) Acquires 1 Billion Loan

Clark Intertional Airport Corporation (CIAC) Acquires 1 Billion Loan

fficials of the Clark International Airport Corporation (CIAC) and Land Bank of the Philippines (LBP) signed on Tuesday a P1 Billion Loan Facility for the Phase II expansion of the Passenger Terminal and other support infrastructures of the Clark International Airport (CIA). CIAC President and CEO Victor Jose I. Luciano and LBP President and CEO Gilda Pico led the signing of the P1 Billion loan in a simple ceremonies held at the Land Bank of the Philippines Building in Malate Metro Manila.

Other CIAC officials present were Executive Vice President Bienvenido Manga, Vice President for Administration and Finance Lauro Ortile, Vice President for Business Development Group Darwin Cunanan , Vice President for Airport Operations Group Reynaldo Catacutan and Board Director Jose Simeon. Also present were Land Bank top executives that includes Executive Vice President for Institutional Banking and Subsidiary Sector Ms. Cecilia Borromeo, and Senior Vice President for Accounts and Management Group Edward John Reyes. “The Land Bank and CIAC have strengthened our partnership and we continue to support CIAC’s vision for the development of Clark Airport as the Premier Gateway of the country.”

Pico stressed during the signing ceremonies. She said “this will contribute in the government’s national development which will benefit the whole country by making Clark Airport as the premier gateway.” “Rest assured that we at Land Bank will continue to support the plans and programs of CIAC,” Pico added.

For his part, Luciano said “this manifests the continued support and confidence of Land Bank by granting us a loan facility for the expansion of our Passenger Terminal at Clark Airport.” ¬†Luciano also told Land Bank Officials the slated domestic ¬†operations of Air Asia Philippines on March 28 and AirPhil Express on March 29, 2012.

“In January alone this year, there have been a 37 percent growth of our international flights at the airport, and we expect this to further grow due to the slated domestic flights.” He added. Air Asia will commence Clark-Davao and Clark-Kalibo domestic flights and AirPhil Express will start Clark-Davao, Clark- Kalibo, Clark-Cebu and Clark Puerto Pincesa.The P1 Billion Loan Facility will be used for the expansion of the Phase II of the Passenger Terminal of the Clark International Airport to meet the demands of passenger growth due to the increase of international and domestic flights this year.

Luciano said that CIAC is slated to start on March 5, 2012 the bidding of the Phase II expansion of the P360 million Passenger Terminal that would further accommodate the growing numbers of passengers at the airport.The loan will also be used for the improvement other support infrastructure facilities such as the navigational equipments which are vital for the operations of the airport and the remaining funds would be utilized for CIAC’s working capital

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