NEWSFLASH

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CRISIS PUTS CLARK AIRPORT ON HOLD

Clark Field, Dec. 25, 1997 - The currency crisis has forced the Bases Conversion Development Authority to put on hold its plans to raise $3 billion through bond flotation to fund the expansion and modernization of Clark International Airport.

BCDA chairman Victorino Basco said his office is still awaiting recommendations from around 20 global financial advisers, who had earlier indicated interest in packaging the project.

Although the present airport can accommodate 14 wide-bodied aircraft such as Boeing 747, it can no longer meet the Philippine Centennial celebration deadline by June 1998 because of some delays.

The new target date for completion is June 2002 with an initial passenger capacity of 10 million, expandable to 25 million.

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