Narrative
Full Description
Project narrative
On January 6, 2003, China National Construction & Agricultural Machinery Import & Export Corporation (CAMC) and the Government of the Philippines signed a $24.985 million supplier credit agreement for General Santos Fish Port Complex (GSFPC) Expansion and Improvement Project. The borrowing terms of the supplier credit (loan) were as follows: a 3% interest rate, a 12 year maturity, and a 2 year grace period. The loan went into effect on March 15, 2003 and its final maturity date was March 31, 2015. As of 2010, $3.12 million of the loan had been repaid, and the outstanding balance of the loan was $14.06 million. The loan proceeds were to be used by the borrower to partially finance a $26.17 million commercial contract (No. 1142003-00418) with CAMCE, which was also signed on January 6, 2003. The purpose of the project was to expand and upgrade a fishing port in General Santos City. It involved the construction of two new deep-water terminals (one measuring 320 meters in length and another measuring 200 meters in length), a breakwater, a 3,000 metric ton capacity cold storage facility (at -40 to -45 degrees Celsius), an additional waste water treatment plant, a power sub-station, an overhead water tank, and a helipad. It also involved the provision of port handling machinery and equipment. Upon completion, it was expected that the project would spur maximum capacity utilization of existing canneries in the area, improve quality handling of frozen fish products, increase employment opportunities, and accommodate the additional volume of wastewater that would be generated from the expected industries inside the complex. CAMC was the contractor responsible for implementation. Its work was overseen by the Department of Agriculture of the Philippines. The project commenced on or around August 17, 2003. By March 2006, the project had achieved a 73.69T% completion rate. The project was ultimately completed in July 2007.
Staff comments
1. The Government of Philippines loan identification number for the supplier credit (loan) that supported the General Santos Fish Port Complex (GSFPC) Expansion and Improvement Project is CHI-2. Its loan identification number in the Debt Management and Financial Analysis System (DMFAS) is 29496000. 2. On an unknown date, the January 6, 2003 commercial contract (No. 1142003-00418) was revised and its value was increased to $27,602,107.92. 3. This project was a continuation of an earlier project financed by the Japanese Overseas Economic Cooperation Fund, which consisted of providing post-harvest facilities in Barangay Tamblar, along the shores of Sarangani Bay 32 kilometers south of the city proper. The port’s harbor and landing facilities were opened to the public in July 1998 and became fully operational in February 1999. 4. Engr. Rodrigo Bulaon oversaw the implementation of the project. 5. This loan was approved under a previously negotiated $100 million line of credit for local farm projects and hybrid rice growth (captured via Record ID#34701). 6. The project is also known as the General Santos City Fish Port Expansion Project, the General Santos Fish Port Project, and the General Santos Fish Port Complex (GSFPC) Expansion/Improvement Project. The Chinese project title is 菲律宾桑托斯将军城渔港扩建工程 or 菲律宾综合渔港扩建工程 or 菲律宾桑托斯将军城渔码头扩建项目.