The Philippine Government has given the green light to the long-discussed Bicol International Airport development project.
The new airport, located in Albay Province that will serve Legazpi City, the capital of the province and the regional centre of the Bicol Region. It covers the southeastern end of Luzon Island, where the capital Manila is placed. It will replace the old Legazpi Airport.
The new airport is expected to be completed in 2016. The Department of Budget and Management (DBM) has issued a Multi-Year Obligational Authority (MYOA) for both the airport and a related light railway project.
An MYOA is issued by the DBM to allow agencies to enter into multi-year contracts for locally funded or foreign-assisted projects.