NEWSFLASH

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SOUTH KOREA GIVES $25-MILLION FOR MISAMIS AIRPORT

Manila, Oct. 26, 1997 - South Korea pledged $25 million for the construction of he first international airport in Misamis Oriental. The loan financing was sealed in a formal exchange of notes at the Department of Foreign Affairs yesterday between Foreign Secretary Domingo Siazon and Ambassador Chang Choon Lee of Korea.

The money will ensure the speedy implementation of the Laguindingan International Airport, which is expected to stimulate the growth of business and investments in the region.

Siazon said the airport will provide employment opportunities and fill the gap in transportation requirements of some 3 million people from the provinces of Bukidnon, Camiguin, Lanao del Norte, Lanao del Sur and Misamis Oriental.

Ambassador Choon Lee said the Republic of Korea is prepared to expand its cooperation with the Philippines because of the improving relations between the two countries.

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