Daewoo Engineering & Construction (Daewoo E&C) said on August 9 that the builder received an LOA for multi-purpose construction (Phase 2) for the Hallure River in the Philippines.
The order was placed by the National Irrigation Administration (NIA) and is to build three dams, waterways and irrigation facilities in Iloilo, a granary of the Philippine. Daewoo E&C solely landed the project. The project will cost US$ 193 million. The construction work will run for 46 months.
The Export-Import Bank signed an economic development cooperation fund (EDCF) loan agreement to loan US$ 200 million to finance the project with the Philippine government. This amount of the loan is the highest-ever among single EDCF projects.
This multi-purpose project (Phase 2) is evaluated as a result of the Philippine government’s recognition of Daewoo E&C's experience in construction work in the Philippines and record of successfully building dams, irrigation facilities and water and sewage systems in Korea and overseas countries.
Daewoo E&C has completed eight construction projects in the Philippines since 1996. They include the Sacobia-Bamang River Project in 1997, the Manila Flood Control Project in 2000, and the Agno River Flood Control Facility Project in 2006.
This Hallure River project is the first project in the Philippines to support the development of water resources and agriculture which is the main goal of the Philippine government. The project is expected to not only contribute to improving agricultural productivity in the region but also create additional effects such as supplying drinking water and industrial water, preventing floods and promoting ecotourism.
Moreover, as the Philippine government is planning to go ahead with hydroelectric power generation and waterworks projects by utilizing the water resources of the Hallure River, the project is expected to greatly contribute to economic development in the region as well.