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June 7, 2010 |
DBP’s loan assistance to the province of Camarines Sur has helped finance its various development programs.
The Bank particularly supported the provincial government of Camarines Sur in its thrust to make the province a major tourist destination. In a news article published in The Philippine Daily Inquirer (“Camarines Sur: From the pits to list of 10 rich provinces,” May 8, 2010), the Bank’s support to the province was cited as instrumental in the establishment of the CamSur Watersports Complex (CWC). The report said: “The provincial capitol complex has since been declared a special economic zone for purposes of tourism development. Since it was established, CWC has hosted prestigious sporting events such as the World Wakepark Championships. In August last year, it played host to the first Philippine edition of the prestigious Ironman Triathlon, considered as the premiere triathlon event worldwide.”
Four years ago, the Bank partnered with the province in its initiatives to develop the island of Caramoan, which today has provided an alternative to Boracay. This new tourist destination was recently chosen as location for the French edition of the Survivor reality TV program.
Port Modernization
Meanwhile, DBP has inked a memorandum of understanding with the Cebu Port Authority (CPA) for a port modernization project that involves the improvement of the Cebu International Port, dredging of the Mactan Channel and its approaches to the port, and reinforcement of existing port structure.
This port modernization initiative is in line with the agency’s thrust to improve services and accommodate bigger vessels, given that Cebu is an international port. Presently, the Cebu International Port has a limited draft (or the vertical distance between the waterline and the bottom of the hull or keel) of 8.5 meters (mllw), and cannot accommodate most large international vessels. These vessels are thus forced to dock in other ports with deep draft thereby causing a delay in the delivery of their cargoes and increasing the cost of goods due to transshipment expenses. |
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