Pre-feasibility Study of the Guimaras-Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY Guimaras‐Iloilo Ferry Terminals System Project AUGUST 2008

Table of Contents Introduction Background Objectives & Scope 

4 5

The Existing Situation

6

Technical Description of the Project The Development Approach The Projects The Parola Station Project  The Buenavista Station Project The Jordan Station Project Design & General Specifications

7 8 19 22 25

Market Analysis

26

Institutional Proposal

27

Financial Viability

29

Next Steps

32

Annexes

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CITIES DEVELOPMENT INITIATIVE FOR ASIA (CDIA) SUPPORT MIG, PHILIPPINES Project No. 07.2029.2‐001.00 Guimaras‐Iloilo Ferry Terminals System Project Pre‐Feasibility Study

(DRAFT)

Prepared by:

CONSULTANTS FOR COMPREHENSIVE ENVIRONMENTAL  PLANNING, INC. August 2008 1856 Asuncion St., Santiago Village, Makati City Tel :  895‐1812 ; Fax :  890‐2480 E‐mail  :   [email protected]

Background This Pre‐Feasibility Study report focuses on the proposed improvement of the three wharfs comprising the Guimaras‐Iloilo Ferry Terminal System (GIFTS), one of the major components of the Cities Development Initiative for Asia (CDIA) Support to Metro Iloilo‐Guimaras, Philippines (Project No. 07.2029.2‐001.00) – or CDIA‐MIG for short. Based upon a request from the Metro Iloilo‐Guimaras Economic Development Council (MIGEDC), the subject project is supported by the CDIA, which is a regional initiative of the Asian Development Bank (ADB), the German Development Cooperation (GTZ) system, and the Swedish International Development Cooperation Agency (SIDA). The CDIA is designed to support cities in ADB’s developing member countries in strengthening the links between their urban planning and infrastructure investment programs, and to facilitate that identified projects will be subjected to pre‐feasibility studies, full‐blown feasibility studies, and will be financed and implemented accordingly. It is within this framework that the pre‐feasibility study of the GIFTS project is being undertaken. This project was originally referred to as the Parola Eco Port Project, which was aimed at developing the former Rotary Park in Iloilo City at the mouth of the Iloilo River popularly called “Parola” into a modern ferry terminal. However, midway in the preparation of the pre‐feasibility study for this component, it was decided to expand its scope to include the Buenavista and Jordan wharfs on Guimaras Island which are Parola’s “counterpart” wharfs on the Guimaras side. Thus, the pre‐feasibility study has expanded its coverage to cover the ferry terminals in all the three sites. The pre‐feasibility study (PFS) aims to establish the prima facie case to take the project to feasibility level under standard agreement with a financing institution. The PFS report tries to adhere to a standard acceptable to national and international financing institutions, with particular reference to requirements for possible ADB financing under the GoP/ADB Philippines Basic Urban Services Sector (PBUSS) project, including flagging potential issues requiring in‐depth review in accordance with the various ADB safeguards guidelines at the subsequent feasibility study stage.

Figure  1. Jordan port ticketing station

Figure  2. Jordan Port Ferry Terminal

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Introduction

Figure  3 Parola Eco Port Ferry Terminal.

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Objectives & Scope The project aims to improve and modernize the Parola, Buenavista, and Jordan wharfs to cater to the needs of an expanding number of daily commuters between Guimaras and Iloilo, and to enhance the tourism industry which is a vital element of the Metro Iloilo‐Guimaras (MIG) region’s economy. In line with this basic objective, the Project’s scope covers the physical improvements of the three wharfs, particularly its passenger terminals, the boat docking facilities, and related service facilities. The Project necessarily also covers the financing of these improvements as well as its implementation strategy and management system. The Project also looks at the modernization of the existing ferry boats which can be undertaken at a future phase.

Figure  4. Hawkers at the Jordan Port.

The Project’s implementation, financing, and management strategy specifically takes into account the fact that there are several major stakeholders involved, including the association of ferry boat owners and operators, possible private investors, and the local governments namely the province of Guimaras, the municipalities of Buenavista and Jordan, and the City of Iloilo. It recognizes the financial constraints of these LGUs and considers the role and possible contribution of the private business sector as well as the ferry boat owners and operators. Figure  5. Buenavista Port Ferry Terminal.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Introduction

An important concern of the Project is the presence of informal settler households in and immediately adjacent to the Parola site, as well as sidewalk vendors in the vicinity of all the three wharfs. While these households and vendors presently contribute to the sanitation and environmental problems of the wharfs, they are also seen as potential service providers. The Project, therefore, considers appropriate measures for the relocation and resettlement of the informal settler families, and the accommodation of the sidewalk vendors in viable commercial facilities that are integral to the ferry terminals.

Figure  6 . Guimaras‐Iloilo Ferry Boat.

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On the Guimaras side, the two facilities operate out of the municipal ports and have been marginally developed to provide a minimum level of comfort to the commuters with queuing sheds for ticketing and waiting areas. On the Iloilo City side, two informal “ports” evolved from need for landing points to unload and load the commuting public. These are located at Ortiz, a district of the City located on the strait directly facing to Jordan and at Parola which is the lighthouse at the mouth of the Iloilo River. These loading and unloading areas consist of nothing more than the breakwater, where the passengers board and exit the boats from the stern (Ortiz) or by crossing via the middle outrigger plank (Parola). The boats are traditional long wooden boats with a low roof and outriggers. While most passengers have no difficulty boarding during high tide, at low tide, the top of the breakwater can have an elevation difference of over 2‐meters. There are no gangplanks to facilitate the boarding or discharge of passengers. According to the Philippine Ports Authority and Coast Guard officials, the method of loading and unloading is a function of the characteristics of the two sites. At Ortiz, where the breakwater juts out seaward, the tidal current is minimal and the boats can dock perpendicular to the rock‐pile. The strong river current at Parola pulls the boats side‐ways and forces them alongside the rock‐pile. Both landing points have the minimum amenities for ticketing. However, the walkways are congested with vendors and informal settlers. In Ortiz, the settlement structures are built‐up at the edge of the breakwater line on the land side. There is no room for expansion at Ortiz except by reclaiming land by way of extending the rock pile and breakwater.

During the north‐easterly season the operations are suspended at Ortiz due to the large waves which batter the shoreline. The sea becomes turbulent and large waves lash the breakwater. This makes the loading and unloading operations dangerous to the commuters. There have been a number of accidents involving passenger falling into the water while exiting the boat during turbulent seas. As a precaution, when this season sets in, the Coast Guard and Marina allow the outriggers to continue operations at Parola. During this period Parola handles all commuter traffic to and from Guimaras and has traditionally done so. Normally, Parola only handles the movement to and from Buenavista while Ortiz caters to the Jordan traffic. The boat licences to operate specifies the route and the Buenavista and Jordan routes are separate and distinct. The daily commuters moving into Iloilo and out to Guimaras daily is reported at 5,870 for Jordan and 4,800 for Buenavista. Commuters between the two points in Guimaras and Iloilo City number over 4.2 million annually. The growth of commuter traffic indicates a trend toward Guimaras as ‘bedroom’ of Iloilo City. A large number of the population which moves between these points, actually reside on the Guimaras side and work in Iloilo city. This observation is borne out by the peak movement hours. The first three hours in the morning are heavy outgoing from Jordan and Buenavista. Parola and Ortiz experience the peak outgoing traffic between the hours of 4:00 in the afternoon to 7 in the evening. It is expected that the growth trend will continue as more and more residential areas are opened on Guimaras. Another evolving market is also expected to grow in the immediate future, tourism. Local tourists or weekend visitors to the beach resorts on Guimaras also account for an increased number of riders during weekends. It is also expected that the international visitor market will grow at a much higher rate in the immediate term.

Guimaras‐Iloilo Ferry Terminals System Project

The present ferry system essentially consists of local boat service between ‘ports’ in Iloilo City and the ports in the municipalities of Buenavista and Jordan in Guimaras Province. While Parola on the Iloilo City side is the receiving and dispatching counterpart of Buenavista commuters, Ortiz ‘Port’ handles the Jordan traffic.

PRE-FEASIBILITY STUDY

The Existing Situation

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The Projects The Development Approach The present ferry system essentially consists of local boat service between ports in Iloilo City and the ports in Buenavista and Jordan in Guimaras Province (see Figure 7). The boats are traditional long wooden boats with a low roof and outriggers. On the Iloilo City side, while they have the minimum amenities for ticketing and boarding, the piers appear as a makeshift docking facility which is congested with vendors and informal settlers. On the Guimaras side, the two facilities provide a minimum level of comfort to the commuters with queuing sheds for ticketing and waiting areas. The number of commuters between the points in Guimaras and Iloilo City now stands at almost 5‐million a year. Addressing the needs of the commuting public and in line with MIGEDCs thrust to promote tourism, a suitable Pier and Sea Transport facility that address the needs of the market for access to the emerging residential areas, beach and idyllic rural places in nearby Guimaras are proposed. More than being just a utilitarian pier for loading and unloading, the pier sites shall be converted into modern Ferry Stations complete with comfortable terminal lobby with ticketing and waiting spaces, shaded and safe loading arcades, public toilets, shops and parking areas. The Architecture and Engineering design idea for the projects are presented in the Figure exhibits. The land use and the building areas therein are deemed as a reasonable guide for the activity flow within the respective sites and the basis of the budget for their construction. The perspective drawings meanwhile are images of how the development could look like in the light of the global objectives of the project.

Figure  7. Location of Parola, Buenavista & Jordan Ports.

Specifically, the new Ferry Station projects are located in: 1) the Iloilo City’s Parola Port along Fort San Pedro Drive by the mouth of the Iloilo River; and 2) in the active Buenavista and Jordan Ports both in Guimaras Province just across the Strait. The old ports shall be redeveloped to the extent that they meet the requirement of the growing market and the tourism objectives of MIGEDC. The advantageous technical features inherent within the existing ports shall be adopted and developed while the undesirable facilities and operational practices shall be reconsidered and upgraded to the extent that they become first class facilities providing optimal benefits for the port sites. The individual projects are further described in the forthcoming pages.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

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The Projects (cont’d) The Parola Station Project Site Analysis The Parola site is a 1.3 hectare property comprising of the old Rotary Park and the Coast Guard compound, located at the mouth of the Iloilo River beside the port operated by the Philippine Ports Authority. Aside from housing the Coast Guard offices, the site is also occupied by some 25 informal settler families. Immediately outside the fence of the Coast Guard compound is the ticket booth and pier of the ferry boats servicing commuters between Iloilo City and Buenavista in Guimaras. The side of the site fronting the main access road is lined with make‐shift stalls of vendors. The Rotary Park has been turned over to the Iloilo City Government, while the Coast Guard compound is, according to the Coast Guard, under their authority by virtue of a Presidential Proclamation. The Iloilo City Government however, maintains that the property is in the name of the Government of the Philippines and under the jurisdiction of the Department of Environmental and Natural Resources (DENR). Per the Office of the Mayor, the city government has requested the Office of the President to issue a Presidential Order giving Iloilo City jurisdiction over the entire property, and that this Order is expected to be released within the year.

Figure  8.  Parola Eco Port Site. PAROLA ECO‐PORT  SITE

The site is situated behind the new PPA wharf. The side of the property facing this wharf is water‐logged even during low tide and will require substantial filling if it is to be built upon. The site lacks proper drainage and utilities. The existing pier for the ferry boats is narrow. Entrance to the pier is congested with a mix of vendors, taxis, jeepneys and tricycles. The area is also lacking in proper solid waste management.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

The Iloilo City Urban Poor Affairs Office has identified the 25 informal settler families occupying the site, and is preparing a relocation area for them. However, the site inspection revealed that outside but adjacent to the site, are informal settlers who will also need to be relocated.

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Currently, the facility services only the Buenavista commuters under normal conditions. However, between July to September, and at the height of the typhoon season, the operations of Ortiz from Jordan are moved to Parola. From the average 4,800 daily commuters, the facility has to handle the additional volume of 6,900 passengers from Jordan as well. So traditionally, Parola has the capacity to handle all commuter movement from the two points in Guimaras. Technical Considerations Among other things, the technical problems facing the development of the Parola port are Rotary Park Area:  9,913 sqm Phil. Coast Guard Area:  3,627 sqm

a)

The berthing of larger boats at the river mouth presents a hazard to the channel. The regulatory agencies tolerate the presence of the outrigger boats for lack of other viable alternatives , and

b)

Limitation to its development area boundaries due to the existing PPA industrial wharves established and operating around it.

c)

Fort San Pedro Drive to Parola is a cu‐de‐sac of sorts. Public transport is not allowed through the PPA river port area while private transport is only allowed through until the gates are closed at around 7:00 in the evening. Some arrangements will have to be agreed upon with PPA relative to this situation.

Total Area of Titled Lots:  13,540 sqm

Figure  9. Delineation of lot parcels in Parola.

Site Capacity This lone station that is expected to service all commuters between Iloilo City and Guimaras will obviously contain the most number of ferry traffic. Short of perhaps another station in another location in the future, the Parola Station will be counted on to accommodate all commuter boats coming from, and heading to, both the Buenavista and Jordan ports. While the Parola Port compound is collectively more than a hectare in size, its pier for docking is not that convenient and ideal according to the Coast Guard and PPA, and which situation needs to be rationalized.

Guimaras‐Iloilo Ferry Terminals System Project

The Parola Station Project (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

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Because of its original land uses, the Parola land complex earmarked for development under this project is also not free vacant land that can be readily developed. Some 30 informal settlers on the site and along the sidewalk need to be relocated or dismantled prior to development. The interests of the hawkers who crowd the walkway to the loading and unloading as well as some settler families who actually reside on the breakwater need to be addressed. To effectively implement the terminal plan, the existing Coast Guard headquarters would need to be relocated to another area within the site. In line with the City’s objectives, restore the Rotary Park amenities and relocate the informal settlers that have erected shanties there. Additionally, the Department of Environment and Natural Resources has also requested that they be allocated a parcel for the location of their regional office. Any development proposal must take into account these factors. The Iloilo River has historically been the main port. On either side of the river, the Port of Iloilo is operated by the Philippine Ports Authority. The Parola site is the only stretch which does not fall under the supervision of the agency. Parola is a property of the Philippine Government titled under the Department of Environment and Natural Resources. The plot is covered by three (3) titles with a total area of 14,600 square meters. The Coast Guard was allowed the use of over 3,000 square meters under an official issuance.

The need for more port space has forced the PPA to develop the land strip along the strait and as recently extended the wharf up to the edge of the river entrance. However, the structure was set‐off roughly 30 meters from the land side, respecting the sea frontage of Parola. This wharf handles both passenger and cargo from large international and inter‐ island vessels. Meanwhile the river facilities continue to operate including the fast craft ferries to other points of Visayas.

Risk Factors

A description of the tidal pattern of the river and the strait was given by a representative of the Coast Guard with the concurrence of the Philippine Ports Authority. The deep channel of the river is mainly at the center and is very tight. The channel has to be continuously dredged to maintain the depth as siltation is a major problem.

Guimaras‐Iloilo Ferry Terminals System Project

The Parola Station Project (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

The tides and current have a distinct effect on the river traffic. The larger cargo boats and the fast crafts need to go at higher speed at the junction of the river and the strait. It is documented that the river flow is at 18 knots depending on the season while the strait current is at lower rate. Where the two currents meet, there is constant turbulence.

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When the flow is toward high or low tide, ships entering or leaving the harbor must do so a high speeds or risk running aground on the shallower sides of the river mouth. This high speed maneuver in turn makes large waves which lash the moored boats at Parola. The turbulence also results in damage to the outriggers and complaints from the boat owners. There have been recorded instances where commuter have fall off the outrigger planks as a result of the turbulence. There have also been reports of the commuter outrigger boats not respecting the rules of sea traffic and actually moving into the lane of the fast crafts forcing the larger boat to slow down and risk running aground. As a result of these violations, the outriggers are no longer allowed to moor on the other bank of the river mouth while waiting for passengers. The Development Options

Option 1 This will pose the least disturbance on the non‐port handling activities in the site. This Option will consider the basic provision of the Station requirement independent of the bigger site area that will be called the “Ecopark” of the site. If only to minimize the investment further, the Option will also assume that the Coast facilities will be retained for the most part. Technically, only the commuter transaction, waiting lounge, dining areas and necessary shops could be prioritized for construction. The cost of breakwater rehabilitation (facing the new PPA wharf), the filling of the depressed area by the breakwater, and the Ecopark area landscaping could be an optional investment, or a future activity, in so far as Option 1 is concerned. For purposes of this study though, the development estimate will include the development of the whole site but excluding the larger part of the Coast Guard area with its retained agency operations. See Figures 10 to 14 for details.

Guimaras‐Iloilo Ferry Terminals System Project

Risk Factors (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

In consideration of the existing situation, a range of development options were deemed suitable options in the light of the project requirement and the deemed optimal approach to the development. These development options for the Parola Station Project are described and illustrated in the following pages.

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Option 2

Option 3

The land use of the site maximizes the land use of the site and will require the immediate relocation of the Coast Guard headquarters and the illegal settlers and vendors. Since the docking system under Option 2 essentially retains the old way however, further technical studies will be necessary to determine the viability of introducing larger boats in the future for the comfort of tourists. Regarding the depressed water‐logged area inside the old Rotary Park, this will be converted into a recreational pond within the park proper. This is deemed more suitable to do for this naturally low area instead of filling it to acquire more land area which is not needed at the moment. A given in this option is the agreement for the project to relocate the Coast Guard building and to provide a site/lot for the use of DENR as well. See Figures 15 to 19 for details.

This option is is essentially a variation of Option 2. Option 3 however seeks to frontally address the requirement of the prospective tourist trade by providing a convenient man‐ made ‘docking bay’ primarily for them. This feature requires cutting away a substantial portion of the Parola grounds if only to create the special dock for the large boats of the future. This plan tends to ‘bring’ the terminal with its restaurant facilities and transaction center closer to the Ecopark area. As a result, the whole development becomes more integrative and synergistic overall while availing of more impressive area esthetics and vista. A downside is that the land site will be substantially smaller due to the creation of the dock. This new dock shall be designed to mainly accommodate the proposed large safer boats suitable for tourists and some of the commuters. See Figures 20 to 23 for details.

Guimaras‐Iloilo Ferry Terminals System Project

The Development Options (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

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The Parola Station Project (cont’d)

Figure  10a . Arial Perspective.

Figure  10a . Terminal  and Eco Park.

Parola Eco Port Option 1

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure 11.  Land Use Plan.

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The Parola Station Project (cont’d)

Figure  12 .  Ferry Terminal  & Plaza.

Figure  13 .  Pier & Waiting Area.

Parola Eco Port Option 1

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  14 .  Commercial & Restaurant Building.

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The Parola Station Project (cont’d)

Figure  15a .  Aerial Perspective.

Figure  15b .  Terminal and Eco Park.

Parola Eco Port Option 2

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  16 .  Land Use Plan.

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The Parola Station Project (cont’d)

Figure  17.  Ferry Terminal & Parking.

Figure  18.  Commercial Area

Parola Eco Port Option 2

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  19.  Restaurant Building & Pier.

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The Parola Station Project (cont’d)

Figure  20.  Aerial Perspective.

Figure  21.  Pier & Waiting Area.

Parola Eco Port Option 3

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  22.  Land Use Plan.

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The Parola Station Project (cont’d)

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  23.  Ferry Terminal & Restaurant.

Parola Eco Port Option 3

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The two commuter points on Guimaras operate from their individual municipal ports. Although originally built and operated by the Philippine Ports Authority, the ownership, operations and management of the facilities have been turned over to the respective LGU’s.

The Buenavista Station Project Located along the provincial road off the coast of Buenavista town in Guimaras (directly across the sea from the Parola Port), the Buenavista site is an active commuter port much like the Parola Port. The site has an existing industrial T‐ wharf that is partially roofed. This wharf protrudes out into the ocean and services not only commuters to and from Iloilo City but also industrial and commercial cargo. The town has implemented reclamation work for the port area in the past which includes the site where the PNP outpost is now located. Today, the plan for the Station under this project takes stock of the existing situation and proposes that the best approach is the redevelopment of the existing PNP reclaimed area and the T‐wharf. It is suggested that the land use of the reclaimed area which contains the small PNP outpost be better rationalized by overbuilding on it. The new construction would be a two level building structure that can house the relocated PNP outpost; the Terminal administrative facilities; the public toilets; and shops and restaurants.

Regarding the existing T‐wharf, it is understood that the industrial and commercial activities will be in the traverse dock (the “T”) at the end of it, while the commuter activities will be alongside the long stretch leading to the said traverse dock. Considering that the width of the wharf is nominal and trucks pass it to access the industrial zone, expansion of the wharf width to create a safe and spacious commuter pier with is envisioned. This new strip shall be roofed, equipped with the loading ramps and provided complete with dock furniture and necessary signages. Both sides of the wharf shall be expanded since tidal influences suggest to boat operators which side of the wharf is safer for loading and unloading for that time.

Guimaras‐Iloilo Ferry Terminals System Project

The Projects (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

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The Buenavista Station Project (cont’d)

Figure 24. Land Use Plan.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure 25. Aerial Perspective.

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The Buenavista Station Project (cont’d)

Figure 26a. Pier & Waiting Area.

Figure 26b. Another view of the waiting area.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  27. Ferry Terminal & Parking.

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The Jordan Station Project The existing Jordan port facility is a limited area found at the end of the road by the coast. This port faces a protruding part of the land just across the mouth of the Jordan River. The town had actually diverted the route of the meandering Jordan River by creating a diversion channel outlet of the river more directly to the sea at the other side. This Jordan River bypass will minimize the siltation on the original river path to the open sea beside the dock. It is understood that the town hopes to convert this protruding land (that has now become an ‘island’ of sorts due to the diversion channel outlet to the sea) across the port to become a tourism ecopark area. Jordan is the seat of the Provincial Government. It also serves as the gateway to the adjacent municipalities and resort areas of the province. Jordan operates a municipal port. On either side of the port are a private facility with a port within a protected lagoon and the Philippine Ports Authority Roll On – Roll Off (RORO) facility. The larger ships and the FF Cruz ferry which can carry vehicles and passengers use this RORO as their port of call. There are a limited number of trips made daily by the RORO ferry between Iloilo City and Jordan. Outrigger boats plying between Jordan and Iloilo City use the municipal port.

Jordan commuter terminal also has a covered and fenced walkway for the ticket line but has no roof cover at the loading and unloading area. Entry and egress is through the stern of the boats again mirroring the method at Ortiz on the Iloilo City side. Without passenger handling ramps commuters have difficulty at low tide with the boat resting lower than the top of the breakwater. The presence of existing private commercial establishments and roadways in the dock area allows for very limited expansion land for the port. It is for this reason that the Jordan port officials adopted a reclamation project parallel to the road. Together, the lands of the existing port facilities and the proposed area for reclamation shall be the site for the new Jordan Station. Considering the many technical studies and initiatives by the town already in making the reclamation area a reality, the pier and part of the Terminal is proposed to be built on this proposed reclaimed area. Meanwhile, the tightly grouped existing port facilities shall be cleared and redeveloped as the location for the restaurant and parking facilities of the project. The new restaurant and shop shall have a scenic view of the Strait and which service is expected to be complemented by the other private commercial stores already in the area.

Guimaras‐Iloilo Ferry Terminals System Project

The Projects (cont’d)

PRE-FEASIBILITY STUDY

Technical Description of the Project

The details of the project are shown in the succeeding figures.

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The Jordan Station Project (cont’d)

Figure  28a. Aerial Perspective.

Figure  28b. Another Aerial Perspective.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  29. Land Use Plan.

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The Jordan Station Project (cont’d)

Figure  30a. Ferry Terminal & Restaurant.

Figure  30b. Another View of the Ferry Terminal & Restaurant.

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Technical Description of the Project

Figure  31. Pier & Waiting Area.

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For the said new Ferry Stations in the various locations under the proposed GIFTS system, the efficiency and quality of development shall be the same. In general, the Stations shall contain  1) a pier area with loading ramps;  2) a terminal area for ticketing and ferry administration;  3) public toilets;  4) restaurants and shops;  5) a commercial area with stalls for the vendors as required;              6) a boat queue area out on the pier side.  The sizes and amenities of the stations will however vary depending on the given land for development, the available length and configuration of the pier dock, and the passenger capacities to be sustained by the market. The architecture of the structures shall be basic modern. This approach will not only bring the image of the stations up to current global design trends that is attractive to the public, but it should also tend to lower construction cost due to the trends’ minimalist approach to the configuration of structures. The building material finishes shall be low maintenance (high‐ quality) finishes. The sites’ open areas shall be either paved as concrete roads and walks or landscaped with both hardscaping (boardwalks, pavers, etc.) and softscaping (native plant variety) features as required.

The Stations shall be provided with all necessary modern equipment such as area airconditioning, electric generator and water pumps as required especially in enclosed public congregation areas and transaction places. The loading ramps shall be light mechanical devices that drop down from their upright position pier side onto boat decks during loading time. The mechanical ramps shall be standard equipment import unless locally fabricated alternatives that are just as effective are sourced. The project construction and development budgets are summarized as follows: No.  1  1a 

Station  Parola  Option 1 

Total Amount    P125,519,500 

1b 

Option 2 

153,668,000 

1c 

Option 3 

202,720,000 

2 

Buenavista 

83,000,000 

3 

Jordan 

56,989,000 

Remarks    Excludes  the  development  of  the  Coast  Guard  and  DENR sites.  Commercial and park areas  are maximized.  Includes land cut process to  effect the new dock.  Include  expansion  of  existing pier.  Includes reclamation work. 

Guimaras‐Iloilo Ferry Terminals System Project

Design & General Specifications

PRE-FEASIBILITY STUDY

Technical Description of the Project

Table 1. Summary of project construction and development budgets.

The details of the above budgets are detailed in Annexes 39 to 43. The costs for A&E and allied services, preparatory activities such as relocation of existing features on the land and necessary demolition and clearing within the site are not part of the estimate. The costing looked took into consideration industry standard unit costs for like works based on today’s prices of labor and materials, imported equipment and current building systems.

25

The recent floods which ravaged the residential neighborhoods across the river from the old central business district of Iloilo City bring home the distinct possibilities of Guimaras as alternative place of residence. The major thrust of national government in the area of tourism is also expected to impact on the sub‐region. Guimaras offers pristine beaches and pastoral agricultural landscape with easy access, a friendly and hospitable people. Coupled with the heritage and cultural assets on the Iloilo side, it is easy to see a coming boom in tourism. For purposes of this study, a low figure for tourist movement between Iloilo City and Guimaras was set at 50,000 visitors. This will normally happen during the Dinagyang Fesitival, the mango festival and other major tourist related activities. It is projected that the volume of visitor arrival will increase dramatically over the next five years to 130,000 arrivals, two and a‐half times its present level. A tapering to a normal 2% ‐ 7% annual growth beyond is further projected.

The fly in the ointment for the growth in tourism is the mode of transportation. While the outriggers present a quaint and unique experience for the visitor, organized tours may not be able to take‐off over the issue of insurance. The small, wooden hull outriggers are not covered by the formal insurance industry. This poses a major threat to the development of the tourism sector especially for Guimaras. Unless alternatives are explored, prospects of a tourism boom may not materialize. To address this issue, an alternative development option is presented which allows the use of larger, wood or steel hull craft which conform to international maritime standards. It is also expected that the boats now plying the strait will evolve over time. As costs to operate become more prohibitive, fuel prices soar, the need to find more cost effective vessels will drive the market. Better boats would mean higher fares which in turn will impact on the individual boat operator finances. A wide disparity in commuter fares and tourist fares will spur the improvement of the boat service. In the future, the improved versions of the vessels will allow higher efficiency at the loading and unloading points.

Guimaras‐Iloilo Ferry Terminals System Project

Notwithstanding tourist arrivals, efficient, safe and convenient terminal facilities for the commuting public, between Guimaras and Iloilo City has long been identified as a need which has not been realized. Over the years the volume of commuter traffic has grown steadily and now tops 4 million passengers each year. The ridership figures were submitted to the project team by the boat operators association. They are based on actual daily ticket sales for the two ports on Guimaras and the two points in Iloilo City. As more and more Iloilo City based workers, employees and population in general consider Guimaras as possible place of residence while conducting their employment or business on the Iloilo City side, the figure will further rise. For purposes of this study, a series of annual increases were projected averaging 2.5%. The resulting figure shows a a very conservative 75% increase over current ridership in 20 years.

PRE-FEASIBILITY STUDY

Market Analysis

The experience is proven in Boracay . From the small outriggers with less than a dozen load in the early 1980’s to the 30‐50 seaters in the early 2000’s they now have non‐ outrigger, more luxurious vessels plying the route. As the regulatory framework there takes effect (no loading and unloading on the beach) the vessels will be forced to evolve further. One method to influence this evolution process is to charge docking and berthing fees on a per square meter area occupied. The smaller the space the lower will be the fees charged. The outriggers take up large space versus the limited passenger load.

26

Local government units are subject to change, as new leaders are elected. Priorities are modified. Commitments are sidelined. Personalities and personal differences may play a hand in the situation. Cooperation can be lost in the future. Project borrowings and project revenues have to be equitably set among the co‐operators. What happens in the event of default by one party? How will the revenues be shared? What happens in case the operation of one point is financially poor and requires subsidy? These must be squarely addressed. An innovative approach is proposed for the implementation of GIFT. This will be done through the creation of a special purpose corporation to be jointly owned by the four local government units directly impacted by the project. These are Guimaras Province, Iloilo City, Jordan and Buenavista. Please see flowchart in Annex X. Guimaras Province shall contribute cash for one‐half the relocation of the coast guard building at Parola and possibly defray some facilities already committed for the two municipalities (ex. Expansion of Buenavista roofed area, road widening, street lighting etc.)

Iloilo City shall contribute the right to use its vested rights over Parola, undertake the relocation of illegal settler families on the site and contribute the other one‐half of the coast guard building. It shall provide the area with running water, improve the road and street lighting to the area and implement a traffic plan for the public and private transportation to and from the area. Jordan and Buenavista shall in turn contribute the use of portions of their ports together with the current improvements found there. For simplicity, it is proposed that the sharing be on equal basis for all four LGUs. However, an appraisal of the land and improvements may have to be undertaken to establish the basis for the debt to equity ratio which the financial institution may require. To achieve an equal sharing, the differences may be contributed in the form of cash to the corporation. However, the individual LGU may be content with the uneven set‐up then the additional cash contribution will be unnecessary.

Guimaras‐Iloilo Ferry Terminals System Project

The operation of the GIFT must be viewed as one seamless system. Its sphere of influence transcends individual government units, economic benefits impact on the sub‐ region. It is the premise therefore, that the sustainability of the system must be established and assured.

PRE-FEASIBILITY STUDY

Institutional Proposal

The financial projections should not show net deficits for the operations. Instead, the terminal fee should be sufficient to cover all operating expenses including debt service. It is not advisable to start with a low terminal fee since the public must be made aware that there is a cost attendant to safety, convenience and reliability. There have been several instances where inter‐local cooperation has been achieved, in Cotabato and Bicol.

27

The stability of the system, its falling outside of the purview of political change, the possibility of a highly professional management led by private enterprise is a goal which can be achieved.

FERRY TERMINALS PROJECT  METRO ILOILO‐GUIMARAS ECONOMIC DEVELOPMENT COUNCIL (MIGEDC)

JORDAN, ILOILO CITY,  GUIMARAS, BUENAVISTA

• Solely for passenger ferry  terminals between Iloilo  City and Guimaras • Raises equity, contracts a  loan to undertake the  project • Repays from revenue  stream

PRIVATE  INVESTOR

EQUITY  (Land or Land Lease, Port Improvement, Buildings or Cash)

LOAN

EQUITY

LENDING  AGENCY

CORPORATION

Repays Loan Revenue Flows less  Operating Expenses

COMMUTER FERRY TERMINALS PAROLA – JORDAN – BUENAVISTA

The possible corporate setup for implementing the projects are shown in figure 32.

Asian Development Bank Special purpose vehicle loan  window can be explored as  financing source

May include Boat  Assn., Others

kes erta Und oject Pr

There is no prohibition regarding inviting the private sector to participate in the ownership of the corporation. In fact, it may be advisable to invite the boat owners and operators association and potential developer / locators to join the corporation. Management of the company may be through the private sector group /s. Where private ownership is more than 50% it ceases to be a public corporation and moves out of the regulatory requirements for such corporations. (Ex. Fort Bonifacio Development Corporation, Camp John Hay Development Corporation)

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Institutional Proposal

Revenue sources from land  leases, building leases and  terminal fees. Expenses for  operations and maintenance,  debt service. 

Figure  32. Ferry Terminals Project Implementation Plan.

28

Passenger 

Option 1 

Option 2 

Option 3 

Commuter 

P 7.50

P 9.00

P10.00

a) Starting base for ridership for the commuter passengers is 4.2 million projected to increase to 7.5 million by the 20th year. See Annexes 17 to 22 on fees and ridership projections.

Tourist 

P20.00

P20.00

P20.00

b) Assumes that the Parola facility shall be used for both Buenavista and Jordan commuter points. c) The tourist ridership is projected at a base of 50,000 annually and does not differentiate between domestic and international visitors. With the improved facilities for movement and the development of higher quality beach resorts on Guimaras, the traffic volume is expected to increase dramatically by 150% over the next 5‐years. Succeeding years will show a more modest 2% ‐ 5% annual growth. d) Fares were expected to increase at the rate of 5% annually against the average P12.60 per person per trip of year 2008. Should a higher quality boat go into operation, P20.00 was assumed as starting base fare. e) The improved services and facilities would require a terminal fee to be charged above the fare rate. The fares accrue entirely to the boat operators while the terminal fee would be the revenue for the operations, maintenance and debt service of the project.

Schedule of Terminal Fees 

Table 2. Schedule of Terminal Fees

2. Other Revenue Sources. Commercial spaces were designed into all the facilities. These will allow restaurants, retail space and convenience stores to operate in the terminal compounds. The spaces will be leased out in commercial rates to chosen locators. Lease rates will range from P500 – P750 per square meter. These specialty structures may be postponed for implementation at a later date or entirely privatized to effectively reduce loan levels and in turn drop the terminal fee rates. 3. Loan. It is assumed that 9%, 20 year money will be available with grace period of 5‐years on principal repayment. The table on Annexes 13 to 14 presents the three options with the corresponding Amortization Table for each option. It is assumed that the loan shall cover the total project cost following each design. Costs are based on the current estimated cost to construct equivalent structure in Metro Manila as of July 2008.

Guimaras‐Iloilo Ferry Terminals System Project

1. Income Projections. Based on the alternative development schemes, three sets of income projections were prepared. Annexes 1 to 6 present the three income scenarios. The following were the relevant assumptions to the projections.

PRE-FEASIBILITY STUDY

Financial Viability

29

5. A simplified tabulation of Areas and Costs is presented as Annexes 7 to 11. 6. Annex 23 shows the carrying capacity of the improved terminals. Loading and unloading cycles for the three points were projected to occur during a 6‐hour peak period. These would be 3‐hours in the early morning for originating from Guimaras points, a corresponding 3‐hour peak arrivals at Parola and a reverse 3‐ hour peak in late afternoon. Given the volume of commuters, the boats would have between 11‐15 minutes to load or unload. When taken in the context of a 12‐hour operating day, the cycle increases the allowable loading and unloading per boat.

7. Annex 24 is an attempt to relate ridership to potential sales capture rate from the point of view of a retailer. Over 4‐million commuters will pass through the terminals. Assuming a catchment potential of 15% of this volume, at an average purchase of P50, the resulting potential sales would be P32 million annually. Given a 40% gross operating profit on sales (higher for fast‐food outlets), the locators would generate a potential P13 million. If 20% of the amount is used for amortizing a 10 year loan at an interest rate of 12% and Debt/Equity of 60%/40% then a P25 million project can be set up by the private proponent. 8. Annexes 25 to 26 tries to show the revenue stream of the boat operators from the fares generated for the commuting public. Assuming that a larger boat is operated for the tourist trade with a P20 fare and limited trips per day, how would the revenue picture look. This is does not even consider the possibility of charters. The idea is to try to show to the boat owners/operators the logic of upgrading their vessels.

Guimaras‐Iloilo Ferry Terminals System Project

4. Equity. Each station has an existing project site with improvements. For simplification purposes, each participating local government unit will be expected to contribute P50 million in value of land and improvements; relocation expenses or cash. In the actual practice, the same shall have to be identified and valued by average of a number of appraisals for land and improvements. Should it be decided that it be equal sharing, the difference should be contributed in cash. The cash would effectively lower the loan component when taken up against the development cost.

PRE-FEASIBILITY STUDY

Financial Viability

30

(in P1,000,000) 

Option 1 

Option 2 

Option 3 

Total Project Loan 

P    271.5

P    305.2

P    353.3

Total Project Equity 

P    200.0

P    200.0

P    200.0

Total Project Cost 

P    471.5

P    505.2

P    553.3

Gross Revenue 20 years 

P 1,609.9

P 1,849.7

P 2,056.1

Value Added Tax 

P    193.1

P    222.0

P    246.7

Net Revenue 

P 1,416.7

P 1,627.7

P 1,809.4

Depreciation 

P    198.2

P    219.2

P    254.3

Interest 

P     290.3

P    333.3

P    406.2

Total Operating Expense 

P     806.5

P    935.7

P 1,008.4

Net Profit before Tax 

P     610.3

P    692.0

P     801.0

Amortization 

P     412.0

P    473.2

P    576.6

Note in Table 3 that the interest and depreciation expenses are more than sufficient to cover the loan amortization total. The same is true on an annual basis which means that the cash flow for the project shall be positive. Considering also that the terminal fees will be collected on a daily basis, the project may be interesting to the private sector to take up as a completely private venture. A sweetener would be the capture rate income discussed in the previous section.

Guimaras‐Iloilo Ferry Terminals System Project

SUMMARY OF FINANCIAL HIGHLIGHTS 

PRE-FEASIBILITY STUDY

Financial Viability

 

Table 3.Summary of Financial Highlights

31

1. There is a distinct need to upgrade the terminal facilities on the Iloilo City side as well as the Guimaras ports. 2. There is a growing demand for the services. 3. Tourism will play a major development role in the sub‐ region in the immediate future. 4. Guimaras can offer a viable alternative for the development of residential communities which are less prone to flooding, easy access at a relatively lower cost.

The next steps will involve the conduct of a Feasibility Study of the project. This will necessarily entail a number of specific actions to provide the basis for the decision to proceed with the project. These actions include: • Validation of the physical design concepts for each of the three ports in consultation with MIGEDC, the LGUs and national agencies concerned as to whether such concepts are consistent with objectives and circumstances which may arise after the submission of this PFS report; • A more detailed market analysis to reconfirm if the design concepts, particularly in terms of the capacity and features of the port facilities, will meet the expected demand; • Based on the two actions above, finalization of the architectural and engineering designs as well as related construction documents, phasing, timeframe, and budgets;

Guimaras‐Iloilo Ferry Terminals System Project

The interesting feature about the ferry terminal system is that there is the distinct possibility that the financial returns may be sufficient to pursue the venture. Given that the land on the Iloilo City side will be available, that the settler families and the hawkers can be organized to put order into the site, there are enough features which make the project feasible.

PRE-FEASIBILITY STUDY

Next Steps

• Firm up the revenue projections, project costs, cash flows, and repayment terms; • Firm up funding source(s) and/or investors; • Firm up inter‐local arrangements among LGUs concerned and establish the project institutional structure and management systems.

32

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses GROSS OPERATING PROFIT

17,389,125 36,155,605 53,544,730 6,425,368 47,119,363

4 2012 17,389,125 37,447,620 54,836,745 6,580,409 48,256,336

5 2013 17,389,125 38,761,155 56,150,280 6,738,034 49,412,246

2.5%      12,451,000     12,762,275    13,081,332    13,408,365     13,743,574        9,909,183       9,909,183       9,909,183       9,909,183       9,909,183      19,926,765      19,926,765      19,926,765      19,926,765      19,926,765      42,286,948      42,598,223      42,917,280      43,244,314      43,579,523

GROSS OPERATING PROFIT

Year GROSS REVENUE Building Leases Terminal Fees Sub‐Total Value Added Taxes NET REVENUE

3 2011

2.5%

12%

       2,214,009

      3,019,047

      4,202,082

      5,012,022

11 2019

12 2020

13 2021

14 2022

18,237,375 60,236,572 78,473,947 9,416,874 69,057,073

18,661,500 61,565,891 80,227,391 9,627,287 70,600,104

18,661,500 67,417,239 86,078,739 10,329,449 75,749,291

18,661,500 74,383,533 93,045,033 11,165,404 81,879,629

   29,533,327

   35,412,313

   42,364,682

17,813,250 49,582,191 67,395,441 8,087,453 59,307,988

15 2023 19,085,625 82,080,142 101,165,767 12,139,892 89,025,875

7 2015 17,813,250 50,677,658 68,490,908 8,218,909 60,271,999

8 2016 17,813,250 51,727,550 69,540,800 8,344,896 61,195,904

9 2017 18,237,375 52,799,529 71,036,904 8,524,428 62,512,475

10 2018 18,237,375 53,894,071 72,131,446 8,655,773 63,475,672

        14,087,164    14,439,343    14,800,326    15,170,334    15,549,593            9,909,183       9,909,183       9,909,183       9,909,183       9,909,183         19,926,765      19,248,082      18,508,317      17,701,973      16,823,058         43,923,112      43,596,608      43,217,826      42,781,491      42,281,835

      5,832,723         15,384,876

2.5%      15,938,333     16,336,791    16,745,211    17,163,841     17,592,937        9,909,183       9,909,183       9,909,183       9,909,183       9,909,183      15,865,042     14,820,803    13,682,583    12,441,923     11,089,604      41,712,558      41,066,777      40,336,977      39,514,948      38,591,725      27,344,515

6 2014

16 2024 19,085,625 96,829,666 115,915,291 13,909,835 102,005,456

   16,675,391

   17,978,077

   19,730,984

   21,193,837

17 2025

18 2026

19 2027

20 2028

19,085,625 98,988,708 118,074,333 14,168,920 103,905,413

19,509,750 101,046,339 120,556,089 14,466,731 106,089,358

19,509,750 103,147,459 122,657,209 14,718,865 107,938,343

19,509,750 105,293,006 124,802,756 14,976,331 109,826,425

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Projected Income Statement 1 2 Year 2009 2010 GROSS REVENUE Building Leases 2.5% 16,965,000 16,965,000 Terminal Fees 33,604,270 34,872,807 Sub‐Total 50,569,270 51,837,807 Value Added Taxes 12% 6,068,312 6,220,537 NET REVENUE 44,500,958 45,617,270

PRE-FEASIBILITY STUDY

Annexes

        18,032,760    18,483,579    18,945,669    19,419,311    19,904,793            9,909,183       9,909,183       9,909,183       9,909,183       9,909,183            9,615,577       8,008,886       6,257,594       4,348,685       2,267,974         37,557,520      36,401,649      35,112,446      33,677,179      32,081,951

   50,434,151         64,447,936

   67,503,764

   70,976,912

   74,261,164

   77,744,474

Annex 1. Income Option 1

Income for Parola Option 1

33

Terminal Operations Light & Power Manpower Water Cleaning Supplies Garbage Collection Charges Repairs and Maintenance Total 

Parola        19,000

Jordan        19,000

Buenavista        19,000

TOTAL        57,000

Yearly               684,000            9,295,000               240,000              360,000              360,000           1,512,000        12,451,000

             10,000                5,000                5,000              20,000              10,000             10,000            10,000            30,000              10,000             10,000            10,000            30,000              42,000             42,000            42,000          126,000              91,000             86,000            86,000          263,000

Schedule of Light & Power Power Cost Bulb Replacements Fixtures Replacement Total 

Parola 15,000 2,000 2,000 19,000

Jordan 15,000 2,000 2,000 19,000

Buenavista 15,000 2,000 2,000 19,000

TOTAL 45,000 6,000 6,000 57,000

RATE

Manpower Schedule Ticketing Building Security Grounds Security Administrative Cost Total Manpower

Parola 3 4 5 4

Jordan 2 3 5 3

Buenavista 2 3 5 3

TOTAL 7 10 15 10 42

RATE 20,000 15,000 15,000 20,000

Other Expenses Water Consumption Cleaning Supplies Garbage Collection Schedule

Parola 10,000 10,000 10,000

Jordan 5,000 10,000 10,000

Buenavista 5,000 10,000 10,000

TOTAL 20,000 30,000 30,000

RATE

TOTAL 240,000 360,000 360,000

Repairs and Maintenance Toilets Airconditioning Loading Ramps Building Total 

Parola 2,000

Jordan 2,000

Buenavista 2,000

RATE

20,000 20,000 42,000

20,000 20,000 42,000

20,000 20,000 42,000

TOTAL 6,000 0 60,000 60,000 126,000

TOTAL 72,000 0 720,000 720,000 1,512,000

Depreciation Schedule Buildings Infrastructure Equipment Total Annual Depreciation

Parola Op‐1 68,635,000 54,784,500 2,100,000

TOTAL 105,335,000 161,273,500 4,800,000

PERIOD 25 30 15

ANNUAL           4,213,400           5,375,783              320,000          9,909,183

Jordan 10,200,000 45,889,000 1,500,000

Buenavista 26,500,000 60,600,000 1,200,000

TOTAL 540,000 72,000 72,000 684,000 TOTAL 1,820,000 1,950,000 2,925,000 2,600,000 9,295,000

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Schedule of Operating Expenses

PRE-FEASIBILITY STUDY

Annexes

Annex 2.Income Option 1

Income for Parola Option 1 (cont’d)

34

3 2011

4 2012

5 2013

6 2014

7 2015

8 2016

9 2017

10 2018

17,389,125 43,041,726 60,430,851 7,251,702 53,179,149

17,389,125 44,505,894 61,895,019 7,427,402 54,467,617

17,389,125 45,995,886 63,385,011 7,606,201 55,778,809

17,813,250 58,806,473 76,619,723 9,194,367 67,425,356

17,813,250 60,086,426 77,899,676 9,347,961 68,551,715

17,813,250 61,324,492 79,137,742 9,496,529 69,641,213

18,237,375 62,588,411 80,825,786 9,699,094 71,126,691

18,237,375 63,878,730 82,116,105 9,853,933 72,262,172

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses

2.5%      15,001,000      10,961,007      22,883,130      48,845,137

     15,376,025      10,961,007      22,883,130      49,220,162

     15,760,426      10,961,007      22,883,130      49,604,562

     16,154,436      10,961,007      22,883,130      49,998,573

     16,558,297      10,961,007      22,883,130      50,402,434

        16,972,255         10,961,007         22,883,130         50,816,391

     17,396,561      10,961,007      22,103,756      50,461,324

     17,831,475      10,961,007      21,254,239      50,046,720

     18,277,262      10,961,007      20,328,265      49,566,533

     18,734,193      10,961,007      19,318,953      49,014,153

GROSS OPERATING PROFIT

       1,367,772

      2,291,842

      3,574,587

      4,469,044

      5,376,375

       16,608,965

   18,090,391

   19,594,493

   21,560,158

   23,248,019

11 2019

12 2020

13 2021

14 2022

15 2023

16 2024

17 2025

18 2026

19 2027

20 2028

Year GROSS REVENUE Building Leases Terminal Fees Sub‐Total Value Added Taxes NET REVENUE

2.5%

18,237,375 71,453,298 89,690,673 10,762,881 78,927,793

18,661,500 73,006,953 91,668,453 11,000,214 80,668,238

18,661,500 80,002,407 98,663,907 11,839,669 86,824,238

18,661,500 88,227,218 106,888,718 12,826,646 94,062,072

19,085,625 97,308,195 116,393,820 13,967,258 102,426,562

19,085,625 114,712,610 133,798,235 16,055,788 117,742,446

19,085,625 117,229,310 136,314,935 16,357,792 119,957,143

19,509,750 119,651,753 139,161,503 16,699,380 122,462,123

19,509,750 122,124,981 141,634,731 16,996,168 124,638,563

19,509,750 124,650,079 144,159,829 17,299,180 126,860,650

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses

2.5%      19,202,548      10,961,007      18,218,803      48,382,358

   19,682,612    10,961,007    17,019,640    47,663,258

   20,174,677    10,961,007    15,712,552    46,848,236

   20,679,044    10,961,007    14,287,826    45,927,877

    21,196,020     10,961,007     12,734,875    44,891,902

       21,725,921        10,961,007        11,042,158        43,729,085

    22,269,069     10,961,007       9,197,097    42,427,172

   22,825,796    10,961,007       7,185,980    40,972,782

   23,396,440    10,961,007       4,993,863    39,351,310

    23,981,351     10,961,007       2,604,455    37,546,813

GROSS OPERATING PROFIT

     30,545,435

   33,004,980

   39,976,002

   48,134,195

   57,534,660

       74,013,361

   77,529,971

   81,489,341

   85,287,254

   89,313,837

12%

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Projected Income Statement 1 2 Year 2009 2010 GROSS REVENUE Building Leases 2.5% 16,965,000 16,965,000 Terminal Fees 40,095,124 41,571,368 Sub‐Total 57,060,124 58,536,368 Value Added Taxes 12% 6,847,215 7,024,364 NET REVENUE 50,212,909 51,512,004

PRE-FEASIBILITY STUDY

Annexes

Annex 3.Income Option 2

Income for Parola Option 2

35

Terminal Operations Light & Power Manpower Water Cleaning Supplies Garbage Collection Charges Repairs and Maintenance Total 

Parola        54,000

Jordan        44,000

Buenavista        44,000

TOTAL      142,000

Yearly            1,704,000         10,465,000               240,000              360,000              360,000           1,872,000        15,001,000

             10,000                5,000                5,000              20,000              10,000             10,000            10,000            30,000              10,000             10,000            10,000            30,000              52,000             52,000            52,000          156,000            136,000          121,000          121,000          378,000

Schedule of Light & Power Power Cost Bulb Replacements Fixtures Replacement Total 

Parola 50,000 2,000 2,000 54,000

Jordan 40,000 2,000 2,000 44,000

Buenavista 40,000 2,000 2,000 44,000

TOTAL 130,000 6,000 6,000 142,000

RATE

Manpower Schedule Ticketing Building Security Grounds Security Administrative Cost Total Manpower

Parola 3 5 6 4

Jordan 2 4 6 3

Buenavista 2 4 6 3

TOTAL 7 13 18 10 48

RATE 20,000 15,000 15,000 20,000

Other Expenses Water Consumption Cleaning Supplies Garbage Collection Schedule

Parola 10,000 10,000 10,000

Jordan 5,000 10,000 10,000

Buenavista 5,000 10,000 10,000

TOTAL 20,000 30,000 30,000

RATE

TOTAL 240,000 360,000 360,000

Repairs and Maintenance Toilets Airconditioning Loading Ramps Building Total 

Parola 2,000 10,000 20,000 20,000 52,000

Jordan 2,000 10,000 20,000 20,000 52,000

Buenavista 2,000 10,000 20,000 20,000 52,000

TOTAL 6,000 30,000 60,000 60,000 156,000

RATE

TOTAL 72,000 360,000 720,000 720,000 1,872,000

Depreciation Schedule Buildings Infrastructure Equipment Total Annual Depreciation

Parola Op‐2 85,666,000 65,902,000 2,100,000

Jordan 10,200,000 45,889,000 1,500,000

Buenavista 26,500,000 60,600,000 1,200,000

TOTAL 122,366,000 172,391,000 4,800,000

PERIOD 25 30 15

ANNUAL           4,894,640           5,746,367              320,000        10,961,007

TOTAL 1,560,000 72,000 72,000 1,704,000 TOTAL 1,820,000 2,535,000 3,510,000 2,600,000 10,465,000

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Schedule of Operating Expenses

PRE-FEASIBILITY STUDY

Annexes

Annex 4.Income Option 2

Income for Parola Option 2 (cont’d)

36

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses

Year GROSS REVENUE Building Leases Terminal Fees Sub‐Total Value Added Taxes NET REVENUE

5 2013

6 2014

7 2015

8 2016

9 2017

10 2018

17,389,125 49,211,410 66,600,535 7,992,064 58,608,471

17,389,125 50,819,039 68,208,164 8,184,980 60,023,185

17,813,250 64,955,994 82,769,244 9,932,309 72,836,935

17,813,250 66,358,937 84,172,187 10,100,662 74,071,525

17,813,250 67,722,454 85,535,704 10,264,285 75,271,420

18,237,375 69,114,332 87,351,707 10,482,205 76,869,502

18,237,375 70,535,170 88,772,545 10,652,705 78,119,839

     13,961,525      12,712,633      27,888,660      54,562,818

     14,310,563      12,712,633      27,888,660      54,911,856

     14,668,327      12,712,633      27,888,660      55,269,621

     15,035,035      12,712,633      27,888,660      55,636,329

        15,410,911         12,712,633         27,888,660         56,012,205

     15,796,184      12,712,633      26,938,803      55,447,621

     16,191,089      12,712,633      25,903,460      54,807,182

     16,595,866      12,712,633      24,774,935      54,083,434

     17,010,763      12,712,633      23,544,843      53,268,239

         (201,417)          879,008

      2,307,150

      3,338,851

      4,386,856

       16,824,730

   18,623,904

   20,464,238

   22,786,068

   24,851,600

13 2021

14 2022

15 2023

16 2024

17 2025

18 2026

19 2027

20 2028

11 2019 2.5%

4 2012

17,389,125 47,632,474 65,021,599 7,802,592 57,219,007

2.5%      13,621,000      12,712,633      27,888,660      54,222,293

GROSS OPERATING PROFIT

3 2011

12 2020

18,237,375 78,931,116 97,168,491 11,660,219 85,508,272

18,661,500 80,634,327 99,295,827 11,915,499 87,380,328

18,661,500 88,392,519 107,054,019 12,846,482 94,207,536

18,661,500 97,456,340 116,117,840 13,934,141 102,183,700

19,085,625 107,460,230 126,545,855 15,185,503 111,360,353

19,085,625 126,634,572 145,720,197 17,486,424 128,233,773

19,085,625 129,389,712 148,475,337 17,817,040 130,658,296

19,509,750 132,055,363 151,565,113 18,187,814 133,377,299

19,509,750 134,776,663 154,286,413 18,514,370 135,772,043

19,509,750 137,554,795 157,064,545 18,847,745 138,216,799

EXPENSES MOOE Depreciation Interest Expense Sub‐Total Expenses

2.5%      17,436,032      12,712,633      22,204,043      52,352,708

   17,871,932    12,712,633    20,742,571    51,327,137

   18,318,731    12,712,633    19,149,566    50,180,930

   18,776,699    12,712,633    17,413,191    48,902,524

    19,246,116     12,712,633     15,520,543    47,479,292

       19,727,269        12,712,633        13,457,555        45,897,458

    20,220,451     12,712,633     11,208,899    44,141,984

   20,725,962    12,712,633       8,757,864    42,196,460

   21,244,111    12,712,633       6,086,236    40,042,981

    21,775,214     12,712,633       3,174,161    37,662,009

GROSS OPERATING PROFIT

     33,155,564

   36,053,191

   44,026,606

   53,281,176

   63,881,060

       82,336,315

   86,516,313

   91,180,839

   95,729,062

 100,554,790

12%

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Projected Income Statement 1 2 Year 2009 2010 GROSS REVENUE Building Leases 2.5% 16,965,000 16,965,000 Terminal Fees 44,422,360 46,037,076 Sub‐Total 61,387,360 63,002,076 Value Added Taxes 12% 7,366,483 7,560,249 NET REVENUE 54,020,877 55,441,826

PRE-FEASIBILITY STUDY

Annexes

Annex 5. Income Option 3

Income for Parola Option 3 

37

Terminal Operations Light & Power Manpower Water Cleaning Supplies Garbage Collection Charges Repairs and Maintenance Total 

Parola        19,000

Jordan        19,000

Buenavista        19,000

TOTAL        57,000

Yearly               684,000         10,465,000               240,000              360,000              360,000           1,512,000        13,621,000

             10,000                5,000                5,000              20,000              10,000             10,000            10,000            30,000              10,000             10,000            10,000            30,000              42,000             42,000            42,000          126,000              91,000             86,000            86,000          263,000

Schedule of Light & Power Power Cost Bulb Replacements Fixtures Replacement Total 

Parola 15,000 2,000 2,000 19,000

Jordan 15,000 2,000 2,000 19,000

Buenavista 15,000 2,000 2,000 19,000

TOTAL 45,000 6,000 6,000 57,000

RATE

Manpower Schedule Ticketing Building Security Grounds Security Administrative Cost Total Manpower

Parola 3 5 6 4

Jordan 2 4 6 3

Buenavista 2 4 6 3

TOTAL 7 13 18 10

RATE 20,000 15,000 15,000 20,000

Other Expenses Water Consumption Cleaning Supplies Garbage Collection Schedule

Parola 10,000 10,000 10,000

Jordan 5,000 10,000 10,000

Buenavista 5,000 10,000 10,000

TOTAL 20,000 30,000 30,000

RATE

TOTAL 240,000 360,000 360,000

Repairs and Maintenance Toilets Airconditioning Loading Ramps Building Total 

Parola 2,000

Jordan 2,000

Buenavista 2,000

RATE

20,000 20,000 42,000

20,000 20,000 42,000

20,000 20,000 42,000

TOTAL 6,000 0 60,000 60,000 126,000

TOTAL 72,000 0 720,000 720,000 1,512,000

Depreciation Schedule Buildings Infrastructure Equipment Total Annual Depreciation

Parola Op‐3 70,325,000 136,860,000 2,100,000

TOTAL 107,025,000 243,349,000 4,800,000

PERIOD 25 30 15

ANNUAL           4,281,000           8,111,633              320,000        12,712,633

Jordan 10,200,000 45,889,000 1,500,000

Buenavista 26,500,000 60,600,000 1,200,000

TOTAL 540,000 72,000 72,000 684,000 TOTAL 1,820,000 2,535,000 3,510,000 2,600,000 10,465,000

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals MIGEDC ‐ Special Purpose Vehicle (SPV) Schedule of Operating Expenses

PRE-FEASIBILITY STUDY

Annexes

Annex 6.Income Option 3

Income for Parola Option 3 (cont’d)

38

Details

Total 1 Specialty Building Structure a Terminal Area b Pier Arcade

400 sqm 1,590 sqm

10,600,000 27,825,000 38,425,000

570 sqm 570 sqm

15,105,000 15,105,000 30,210,000

Sub‐Total 2 Commercial Building Structure a Ground Floor (Shops/Flea Market) b Second Floor (Restaurant) Sub‐Total 3  Landscaping and Related Site Works a Ecopark lawn area including boardwalks b Ecopark Lagoon c Terminal Site d Commercial Site (Restaurant and Shops) Sub‐Total 4  Roads and Parking

5 Repair/Enhancement of Shore Protection a Pier side b PPA wharf side Sub‐Total 6  Equipment  a Number of imported boarding ramps 7  Miscellaneous a Clearing, Grubbing, Demolition Total

5,329 1,047 811 452

sqm sqm sqm sqm

10,658,000 2,617,500 2,433,000 1,356,000 17,064,500

1,400 sqm

6,300,000

260 114

lm lm

20,800,000 9,120,000 29,920,000

7 units

2,100,000

1

1,500,000

lot

Guimaras‐Iloilo Ferry Terminals System Project

PAROLA OPTION 1

PRE-FEASIBILITY STUDY

Annexes

125,519,500

Annex 7. Areas & Costs

Areas & Costs

39

Details

Total 1 Specialty Building Structure a Terminal Area b Pier Arcade c Coast Guard (Office)

488 sqm 1,460 sqm 200 sqm

12,932,000 25,550,000 4,700,000 43,182,000

552 sqm 1,416 sqm

9,660,000 37,524,000 47,184,000

4,300 1,000 202 354 138

sqm sqm sqm sqm sqm

8,600,000 2,500,000 606,000 1,062,000 414,000 13,182,000

1,220 sqm 1,300 sqm

5,490,000 5,850,000 11,340,000

Sub‐Total 2 Commercial Building Structure a Shops/Flea Market b Restaurant Sub‐Total 3  Landscaping and Related Site Works a Ecopark lawn area including boardwalks b Ecopark Lagoon c Terminal Site d Restaurant e Commercial Area (Flea Market site) Sub‐Total 4  Roads and Parking a Driveway b Parking Sub‐Total 5  Repair/Enhancement of Shore Protection a Pier side b PPA wharf side Sub‐Total 6  Equipment  a Number of imported boarding ramps 7  Miscellaneous a Clearing, grubbing, demolition Total

370 116

lm lm

29,600,000 9,280,000 38,880,000

7 units

2,100,000

1

2,500,000

lot

Guimaras‐Iloilo Ferry Terminals System Project

PAROLA OPTION 2

PRE-FEASIBILITY STUDY

Annexes

158,368,000

Annex 8. Areas & Costs

Areas & Costs (cont’d)

40

Details Total

1 Specialty Building Structure a Terminal Area b Pier Arcade (Piers 1 and 2) c Coast Guard (Office) Sub‐Total 2 Commercial Building Structure (Flea Market)

3  Landscaping and Related Site Works a Ecopark lawn area including boardwalks b Terminal and Restaurant Site Landscape c Driveway and Parking Landscape d Commercial Site Landscape Sub‐Total 4  Roads and Parking a Driveway b Parking Sub‐Total 5  Repair/Enhancement of Shore Protection a Pier side b PPA wharf side Sub‐Total 6  Land cut for additional harbor a Earthworks (20m depth, for big vessels) b Retaining structure and Shore Protection Sub‐Total 7  Equipment  a Number of imported boarding ramps

Total

1,300 1,600 200

sqm sqm sqm

450

sqm

3,800 200 100 240

sqm sqm sqm sqm

7,600,000 600,000 300,000 720,000 9,220,000

800 600

sqm sqm

3,600,000 2,700,000 6,300,000

160 164

lm lm

12,800,000 13,120,000 25,920,000

cum lm

49,920,000 45,500,000 95,420,000

7 units

2,100,000

62,400 130

34,450,000 28,000,000 4,700,000 67,150,000 7,875,000

Guimaras‐Iloilo Ferry Terminals System Project

PAROLA OPTION 3

PRE-FEASIBILITY STUDY

Annexes

213,985,000

Annex 9. Areas & Costs

Areas & Costs (cont’d)

41

Details

Total 1 Specialty Building Structure a  Terminal Area b  Pier Arcade

         75        280

Sub‐Total 2 Commercial Building Structure         125 a  Restaurant   3  Landscaping and Related Site Works (inclusive of fencing) a  Terminal Area        115 b Pier Area        270 c  Restaurant Area          55 d  Parking          50 Sub‐Total

sqm sqm

1,987,500 4,900,000

6,887,500 sqm

3,312,500

sqm sqm sqm sqm

345,000 810,000 110,000 100,000 1,365,000

       730

sqm

3,285,000

    2,989          95

cum lm

2,989,000 33,250,000 36,239,000

6  Repair of existing shore protection 7  Equipment  Number of boarding ramps (cable assisted  a  reaction systems)

         30

lm

3,000,000

8  Miscellaneous a  Railings b  Signages c  Chairs, fans, etc. for waiting area

           1

4  Roads and Parking 5  Reclamation (dredging, sand piling) a Dredging, sand piling b Retaining structure and shore protection Sub‐Total

Total

           5 units

lot

1,500,000

Guimaras‐Iloilo Ferry Terminals System Project

JORDAN

PRE-FEASIBILITY STUDY

Annexes

2,000,000

57,589,000

Annex 10. Areas  & Costs

Areas & Costs (cont’d)

42

Details

Total 1 Specialty Building Structure a Terminal Area b Stairway c Toilets d PNP Outpost e 1/F shops f 2/F Restaurant

120 30 40 190 200 420

sqm sqm sqm sqm sqm sqm

3,180,000 795,000 1,060,000 5,035,000 5,300,000 11,130,000 26,500,000

2  Pier Widening (including waiting sheds)

430 sqm

27,950,000

3  Roads and Parking a  Parking

500 sqm

2,250,000

Sub‐Total

4  Shore Protection a Repair/enhancement of Existing b New Sub‐Total 5  Equipment a Number of imported boarding ramps

6  Miscellaneous a Railings b Signages c Chairs, fans, etc.

Total

80 105

lm lm

6,400,000 21,000,000 27,400,000

4 units

1,200,000

1

3,000,000

lot

Guimaras‐Iloilo Ferry Terminals System Project

BUENAVISTA

PRE-FEASIBILITY STUDY

Annexes

88,300,000

Annex 11. Areas  & Costs

Areas & Costs (cont’d)

43

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals

Schedule of Loans & Interest 24 July, 2008 PROJECT COST ESTIMATES GUIMARAS PROVINCE (CASH)

LAND, ETC.            50,000,000            50,000,000            50,000,000           50,000,000 200,000,000

PAROLA  (inclusive of Relocation Action Plan)

JORDAN BUENAVISTA TOTAL TERMINAL SYSTEM FINANCIAL PLAN Equity Debt TOTAL PROJECT COST LOAN TERMS Period (Years) Grace Period (Years) Principal Repayment (Years) Interest (per Year) Annual Amortization at year end

Annex 12. Loan

Loan

47% 53% 100%

20 5 15 9%

OPTION 1         200,000,000         221,408,500      421,408,500

OPTION 1 125,519,500 57,589,000 88,300,000 271,408,500

44% 56% 100%

OPTION 2 158,368,000 57,589,000 88,300,000 304,257,000 OPTION 2     200,000,000     254,257,000 454,257,000

OPTION 3 213,985,000 57,589,000 88,300,000 359,874,000

39% 61% 100%

OPTION 3     200,000,000     309,874,000 509,874,000

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

44

Schedule of Loans & Interest 24 July, 2008 LOAN SCHEDULE OPTION 1 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE LOAN SCHEDULE OPTION 1 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE

Annex 13. Loan

Loan (cont’d)

1 2 3 4 5 6 2009 2010 2011 2012 2013 2014         221,408,500  221,408,500     221,408,500  221,408,500     221,408,500    221,408,500            19,926,765    19,926,765       19,926,765     19,926,765       19,926,765      19,926,765 0 0 0 0 0      27,467,691 0 0 0 0 0         7,540,926         221,408,500  221,408,500     221,408,500  221,408,500     221,408,500    213,867,574

7 2015  213,867,574    19,248,082    27,467,691       8,219,609  205,647,964

8 2016  205,647,964    18,508,317    27,467,691       8,959,374  196,688,590

9 2017  196,688,590    17,701,973    27,467,691       9,765,718  186,922,872

10 2018  186,922,872     16,823,058     27,467,691     10,644,633  176,278,239

11 2019         176,278,239            15,865,042            27,467,691            11,602,650         164,675,590

17 2025    88,987,625       8,008,886    27,467,691    19,458,805    69,528,820

18 2026    69,528,820       6,257,594    27,467,691    21,210,097    48,318,723

19 2027    48,318,723       4,348,685    27,467,691    23,119,006    25,199,717

20 2028     25,199,717       2,267,974     27,467,691     25,199,717                       0

12 2020  164,675,590    14,820,803    27,467,691    12,646,888  152,028,702

13 2021     152,028,702       13,682,583       27,467,691       13,785,108     138,243,594

14 2022  138,243,594     12,441,923     27,467,691     15,025,768  123,217,826

15 2023     123,217,826       11,089,604       27,467,691       16,378,087     106,839,739

16 2024    106,839,739         9,615,577      27,467,691      17,852,115      88,987,625

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals

PRE-FEASIBILITY STUDY

Annexes

45

Schedule of Loans & Interest 24 July, 2008 LOAN SCHEDULE OPTION 2 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE LOAN SCHEDULE OPTION 2 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE LOAN SCHEDULE OPTION 3 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE LOAN SCHEDULE OPTION 3 BEGINNING LOAN BALANCE INTEREST EXPENSE AMORTIZATION PRINCIPAL REPAYMENT ENDING BALANCE

1 2 3 4 5 6 2009 2010 2011 2012 2013 2014         254,257,000  254,257,000     254,257,000  254,257,000     254,257,000    254,257,000            22,883,130     22,883,130       22,883,130    22,883,130       22,883,130      22,883,130 0 0 0 0 0      31,542,839 0 0 0 0 0         8,659,709         254,257,000  254,257,000     254,257,000  254,257,000     254,257,000    245,597,291

7 2015  245,597,291    22,103,756    31,542,839       9,439,083  236,158,208

8 2016  236,158,208     21,254,239     31,542,839     10,288,601  225,869,607

9 2017  225,869,607    20,328,265    31,542,839    11,214,575  214,655,032

10 2018  214,655,032    19,318,953    31,542,839    12,223,886  202,431,146

11 2019         202,431,146            18,218,803            31,542,839            13,324,036         189,107,110

16 2024    122,690,645      11,042,158      31,542,839      20,500,681    102,189,964

17 2025  102,189,964       9,197,097    31,542,839    22,345,743    79,844,221

18 2026     79,844,221       7,185,980     31,542,839     24,356,859     55,487,361

19 2027    55,487,361       4,993,863    31,542,839    26,548,977    28,938,385

20 2028    28,938,385       2,604,455    31,542,839    28,938,385                       0

1 2 3 4 5 6 2009 2010 2011 2012 2013 2014         309,874,000  309,874,000     309,874,000  309,874,000     309,874,000    309,874,000            27,888,660     27,888,660       27,888,660    27,888,660       27,888,660      27,888,660 0 0 0 0 0      38,442,622 0 0 0 0 0      10,553,962         309,874,000  309,874,000     309,874,000  309,874,000     309,874,000    299,320,038

7 2015  299,320,038    26,938,803    38,442,622    11,503,819  287,816,219

8 2016  287,816,219     25,903,460     38,442,622     12,539,162  275,277,057

9 2017  275,277,057    24,774,935    38,442,622    13,667,687  261,609,369

10 2018  261,609,369    23,544,843    38,442,622    14,897,779  246,711,590

11 2019         246,711,590            22,204,043            38,442,622            16,238,579         230,473,011

17 2025  124,543,327    11,208,899    38,442,622    27,233,723    97,309,605

18 2026     97,309,605       8,757,864     38,442,622     29,684,758     67,624,847

19 2027    67,624,847       6,086,236    38,442,622    32,356,386    35,268,461

20 2028    35,268,461       3,174,161    38,442,622    35,268,461                       0

12 2020  189,107,110     17,019,640     31,542,839     14,523,199  174,583,910

12 2020  230,473,011     20,742,571     38,442,622     17,700,051  212,772,960

13 2021     174,583,910       15,712,552       31,542,839       15,830,287     158,753,623

13 2021     212,772,960       19,149,566       38,442,622       19,293,056     193,479,904

14 2022  158,753,623    14,287,826    31,542,839    17,255,013  141,498,609

14 2022  193,479,904    17,413,191    38,442,622    21,029,431  172,450,474

15 2023     141,498,609       12,734,875       31,542,839       18,807,964     122,690,645

15 2023     172,450,474       15,520,543       38,442,622       22,922,080     149,528,394

16 2024    149,528,394      13,457,555      38,442,622      24,985,067    124,543,327

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals

PRE-FEASIBILITY STUDY

Annexes

Annex 14. Loan

Loan (cont’d)

46

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals ASSUMPTIONS Land Appraisal COA Floor 

6,000 4% Domestic COMMUTER TRAFFIC* Daily Yearly Buenavista              4,800 1,728,000 Jordan              6,870 2,473,200 TOTAL           11,670 4,201,200 * Source: Buenavista/Jordan Boat Operators Association

Tourist Daily Yearly

139

50,000

PAROLA OPTION 1 Restaurants Flea Market Total on Lease 

Land Area 1,022 570

Bldg Area 570 570

Lease Rate 750 500

Month 427,500 285,000 712,500

Year 5,130,000 3,420,000 8,550,000

PAROLA OPTION 3 Restaurants Flea Market Total on Lease 

Land Area 1,110 690

Bldg Area 1,040 450

Lease Rate 750 500

Month 780,000 225,000 1,005,000

Year 9,360,000 2,700,000 12,060,000

JORDAN Restaurants Flea Market Total on Lease 

Land Area 180 0

Bldg Area 125 0

Lease Rate 750 500

Month 93,750 0 93,750

Year 1,125,000 0 1,125,000

BUENAVISTA Restaurants Flea Market Total on Lease 

Land Area 420 200

Bldg Area 420 200

Lease Rate 750 500

Month 315,000 100,000 415,000

Year 3,780,000 1,200,000 4,980,000

PAROLA OPTION 2 Restaurants Flea Market Total on Lease 

Land Area 1,770 690

Bldg Area 1,416 552

Lease Rate 750 500

Month 1,062,000 276,000 1,338,000

Year 12,744,000 3,312,000 16,056,000

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

Annex 15. Revenue Sources

Revenue Sources

47

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals TOTAL AREA LEASED Restaurants Flea Market

Parola Op‐1 570 570

Jordan 125 0

Buenav 420 200

BUILDING LEASE INCOME Restaurants, etc. Flea Market Gross Monthly Income Gross Annual Lease Income

Parola Op‐1 427,500 285,000 712,500 8,550,000

Jordan 93,750 0 93,750 1,125,000

Buenav 315,000 0 315,000 3,780,000

TOTAL AREA LEASED Restaurants Flea Market

Parola Op‐2 1,416 552

Jordan 125 0

Buenav 420 200

BUILDING LEASE INCOME Restaurants, etc. Flea Market Gross Monthly Income Gross Annual Lease Income

Parola Op‐2 1,062,000 276,000 1,338,000 16,056,000

Jordan 93,750 0 93,750 1,125,000

Buenav 315,000 100,000 415,000 3,780,000

TOTAL AREA LEASED Restaurants Flea Market

Parola Op‐3 1,040 450

Jordan 125 0

Buenav 420 200

BUILDING LEASE INCOME Restaurants, etc. Flea Market Gross Monthly Income Gross Annual Lease Income

Parola Op‐3 780,000 225,000 1,005,000 12,060,000

Jordan 93,750 0 93,750 1,125,000

Buenav 315,000 0 315,000 3,780,000

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

Total System       1,188,750          225,000       1,413,750     16,965,000

Annex 16.Revenue Sources

Revenue Sources (cont’d)

48

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods BASE YEAR COMPUTATION COMMUTER TRAFFIC* Daily Buenavista 4,800 Jordan 6,870 TOTAL 11,670 * Source: Buenavista/Jordan Boat Operators Association Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

Yearly 1,728,000 2,473,200 4,201,200

2008 Commuter Tourism           4,201,200             50,000

12.59

2009 Commuter Tourism

7.50

2011 Commuter Tourism

2012 Commuter Tourism

2013 Commuter Tourism

3.0%          4,327,236                12,020

15.0%            57,500                  160

3.2%          4,465,708                12,405

20.0%            69,000                  192

2.8%           4,590,747                 12,752

25.0%            86,250                  240

2.5%          4,705,516                13,071

25.0%          107,813                  299

2.5%      4,823,154            13,398

20.0%        129,375                359

5%

100% 40.00      2,300,000

5%

0% 40.00      2,760,000

5%

10% 44.00      3,795,000

5%

0% 44.00      4,743,750

5% 16.07    77,492,223

10% 48.40    6,261,750

20.00 13.22        57,197,939

Terminal Fee (Passenger Cost) Total Terminal Fee

2010 Commuter Tourism

20.00

13.88        61,979,687

14.57         66,900,874

15.30        72,002,066

       32,454,270      1,150,000        33,492,807      1,380,000         34,430,605      1,725,000        35,291,370      2,156,250    36,173,655    2,587,500                                      33,604,270                                      34,872,807                                      36,155,605                                      37,447,620                                38,761,155

2014 Commuter Tourism

2015 Commuter Tourism

2016 Commuter Tourism

2017 Commuter Tourism

2018 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 20.08 60.50         98,802,585        8,375,091

Terminal Fee (Passenger Cost) Total Terminal Fee

        46,121,410        3,460,781          47,043,838        3,633,820          47,984,715        3,742,835          48,944,409        3,855,120          49,923,297        3,970,774                                     49,582,191                                      50,677,658                                      51,727,550                                      52,799,529                                      53,894,071

2.0% 7.0% 2.0% 5.0% 2.0% 3.0% 2.0% 3.0% 2.0% 3.0%           4,919,617           138,431            5,018,009           145,353            5,118,370           149,713            5,220,737           154,205            5,325,152           158,831                 13,666                   385                  13,939                   404                  14,218                   416                  14,502                   428                  14,792                   441 5%

5% 25.10      125,973,296

5% 75.63    10,992,306

5% 31.38      160,615,952

5% 94.53    14,152,595

5% 39.23      204,785,339

5% 118.16    18,221,465

5% 49.03      261,101,307

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

5% 147.71    23,460,137

Annex 17.Option 1 Terminal Fees

Parola Option 1 Terminal Fees

49

2019 Commuter Tourism

2020 Commuter Tourism

2021 Commuter Tourism

2022 Commuter Tourism

2023 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 5% 5% 5% 5% 5% 5% 5% 5% 61.29 184.63 76.61 230.79 95.77 288.49 119.71 360.61 149.63 450.76      301,521,561     25,558,748       384,439,990     33,545,857       528,604,986     43,190,291       726,831,855     62,086,043       999,393,801     89,248,687

Terminal Fee (Passenger Cost) Total Terminal Fee

        56,083,634        4,152,938          57,205,307        4,360,584          62,925,837        4,491,402          69,218,421        5,165,112          76,140,263        5,939,879                                     60,236,572                                      61,565,891                                      67,417,239                                      74,383,533                                      82,080,142

2.0%           4,919,617                 13,666

7.0%          138,431                  385

2.0%          5,018,009                13,939

5.0%          145,353                  404

2.0%          5,519,810                15,333

3.0%          149,713                  416

2.0%          6,071,791                16,866

3.0%          172,170                  478

2.0%           6,678,970                18,553

3.0%          197,996                 550

5%

2024 Commuter Tourism

2025 Commuter Tourism

2026 Commuter Tourism

2027 Commuter Tourism

2028 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

2.0%           6,812,550                 18,924

7.0%          211,856                  588

2.0%          6,948,801                19,302

5.0%          222,448                  618

2.0%          7,087,777                19,688

3.0%          229,122                  636

2.0%          7,229,532                20,082

3.0%          235,996                  656

2.0%           7,374,123                20,484

3.0%          243,075                 675

5% 187.04   1,274,227,097

5% 563.45 119,370,119

5% 233.80  1,624,639,548

5% 704.31 156,673,281

5% 292.25  2,071,415,424

5% 880.39 201,716,850

5% 365.31  2,641,054,665

5% 1,100.49 259,710,444

5% 456.64  3,367,344,698

5% 1,375.61 334,377,197

Terminal Fee (Passenger Cost) Total Terminal Fee

        89,414,717      7,414,949        91,203,011      7,785,696        93,027,072       8,019,267        94,887,613      8,259,845        96,785,365      8,507,641                                     96,829,666                                      98,988,708                                    101,046,339                                    103,147,459                                    105,293,006

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods

PRE-FEASIBILITY STUDY

Annexes

Annex 18. Option 1 Terminal Fees

Parola Option 1 Terminal Fees (cont’d)

50

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods BASE YEAR COMPUTATION COMMUTER TRAFFIC* Daily Buenavista 4,800 Jordan 6,870 TOTAL 11,670 * Source: Buenavista/Jordan Boat Operators Association Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

Yearly 1,728,000 2,473,200 4,201,200

2008 Commuter Tourism           4,201,200             50,000

2009 Commuter Tourism

2010 Commuter Tourism

2011 Commuter Tourism

2012 Commuter Tourism

2013 Commuter Tourism

3.0% 15.0% 3.2% 20.0% 2.8% 25.0% 2.5% 25.0% 2.5% 20.0%            4,327,236             57,500            4,465,708             69,000            4,590,747             86,250            4,705,516           107,813        4,823,154         129,375                  12,020                   160                  12,405                   192                  12,752                   240                  13,071                   299             13,398                 359 12.59

20.00 5% 13.22        57,197,939

Terminal Fee (Passenger Cost) Total Terminal Fee

9.00

100% 40.00      2,300,000

5% 13.88        61,979,687

0% 40.00      2,760,000

5% 14.57         66,900,874

10% 44.00      3,795,000

5% 15.30        72,002,066

0% 44.00      4,743,750

5% 16.07    77,492,223

10% 48.40    6,261,750

20.00          38,945,124        1,150,000          40,191,368        1,380,000          41,316,726        1,725,000          42,349,644        2,156,250     43,408,386      2,587,500                                      40,095,124                                      41,571,368                                      43,041,726                                      44,505,894                                45,995,886

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 20.08 60.50         98,802,585        8,375,091

Terminal Fee (Passenger Cost) Total Terminal Fee

        55,345,692        3,460,781          56,452,605        3,633,820          57,581,658        3,742,835          58,733,291        3,855,120          59,907,956        3,970,774                                     58,806,473                                      60,086,426                                      61,324,492                                      62,588,411                                      63,878,730

2014 Commuter Tourism

2015 Commuter Tourism

2016 Commuter Tourism

2017 Commuter Tourism

2018 Commuter Tourism

2.0% 7.0% 2.0% 5.0% 2.0% 3.0% 2.0% 3.0% 2.0% 3.0%           4,919,617           138,431          5,018,009         145,353          5,118,370          149,713           5,220,737         154,205          5,325,152          158,831                 13,666                   385                  13,939                   404                  14,218                   416                  14,502                   428                  14,792                   441 5%

5% 25.10      125,973,296

5% 75.63    10,992,306

5% 31.38      160,615,952

5% 94.53    14,152,595

5% 39.23      204,785,339

5% 118.16    18,221,465

5% 49.03      261,101,307

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

5% 147.71    23,460,137

Annex 19. Option 2 Terminal Fees

Parola Option 2 Terminal Fees

51

2019 Commuter Tourism

2020 Commuter Tourism

2021 Commuter Tourism

2022 Commuter Tourism

2023 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 5% 5% 5% 5% 5% 5% 5% 5% 61.29 184.63 76.61 230.79 95.77 288.49 119.71 360.61 149.63 450.76      301,521,561     25,558,748       384,439,990     33,545,857       528,604,986     43,190,291       726,831,855     62,086,043       999,393,801     89,248,687

Terminal Fee (Passenger Cost) Total Terminal Fee

        67,300,361        4,152,938          68,646,368        4,360,584          75,511,005        4,491,402          83,062,105        5,165,112          91,368,316        5,939,879                                     71,453,298                                      73,006,953                                      80,002,407                                      88,227,218                                      97,308,195

2.0%           4,919,617                 13,666

7.0%          138,431                  385

2.0%          5,018,009                13,939

5.0%          145,353                  404

2.0%          5,519,810                15,333

3.0%          149,713                  416

2.0%          6,071,791                16,866

3.0%          172,170                 478

2.0%           6,678,970                18,553

3.0%          197,996                  550

5%

2024 Commuter Tourism

2025 Commuter Tourism

2026 Commuter Tourism

2027 Commuter Tourism

2028 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

2.0%           6,812,550                 18,924

7.0%          211,856                  588

2.0%          6,948,801                19,302

5.0%          222,448                  618

2.0%          7,087,777                19,688

3.0%          229,122                  636

2.0%          7,229,532                20,082

3.0%          235,996                 656

2.0%           7,374,123                20,484

3.0%          243,075                  675

5% 187.04   1,274,227,097

5% 563.45 119,370,119

5% 233.80  1,624,639,548

5% 704.31 156,673,281

5% 292.25  2,071,415,424

5% 880.39 201,716,850

5% 365.31  2,641,054,665

5% 1,100.49 259,710,444

5% 456.64  3,367,344,698

5% 1,375.61 334,377,197

Terminal Fee (Passenger Cost) Total Terminal Fee

     107,297,661      7,414,949      109,443,614      7,785,696      111,632,486       8,019,267      113,865,136      8,259,845      116,142,439      8,507,641                                   114,712,610                                    117,229,310                                    119,651,753                                    122,124,981                                    124,650,079

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods

PRE-FEASIBILITY STUDY

Annexes

Annex 20. Option 2 Terminal Fees

Parola Option 2 Terminal Fees (cont’d)

52

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods BASE YEAR COMPUTATION COMMUTER TRAFFIC* Daily Buenavista 4,800 Jordan 6,870 TOTAL 11,670 * Source: Buenavista/Jordan Boat Operators Association Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

Yearly 1,728,000 2,473,200 4,201,200

2008 Commuter Tourism           4,201,200             50,000

12.59

2009 Commuter Tourism

10.00

2011 Commuter Tourism

2012 Commuter Tourism

2013 Commuter Tourism

3.0%          4,327,236                12,020

15.0%            57,500                  160

3.2%          4,465,708                12,405

20.0%            69,000                  192

2.8%           4,590,747                 12,752

25.0%            86,250                  240

2.5%          4,705,516                13,071

25.0%          107,813                  299

2.5%      4,823,154            13,398

20.0%        129,375                359

5%

100% 40.00      2,300,000

5%

0% 40.00      2,760,000

5%

10% 44.00      3,795,000

5%

0% 44.00      4,743,750

5% 16.07    77,492,223

10% 48.40    6,261,750

20.00 13.22        57,197,939

Terminal Fee (Passenger Cost) Total Terminal Fee

2010 Commuter Tourism

20.00

13.88        61,979,687

14.57         66,900,874

15.30        72,002,066

       43,272,360      1,150,000        44,657,076      1,380,000         45,907,474      1,725,000        47,055,160      2,156,250    48,231,539    2,587,500                                      44,422,360                                      46,037,076                                      47,632,474                                      49,211,410                                50,819,039

2014 Commuter Tourism

2015 Commuter Tourism

2016 Commuter Tourism

2017 Commuter Tourism

2018 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 20.08 60.50         98,802,585        8,375,091

Terminal Fee (Passenger Cost) Total Terminal Fee

        61,495,213        3,460,781          62,725,117        3,633,820          63,979,619        3,742,835          65,259,212        3,855,120          66,564,396        3,970,774                                     64,955,994                                      66,358,937                                      67,722,454                                      69,114,332                                      70,535,170

2.0% 7.0% 2.0% 5.0% 2.0% 3.0% 2.0% 3.0% 2.0% 3.0%           4,919,617           138,431            5,018,009           145,353            5,118,370           149,713            5,220,737           154,205            5,325,152           158,831                 13,666                   385                  13,939                   404                  14,218                   416                  14,502                   428                  14,792                   441 5%

5% 25.10      125,973,296

5% 75.63    10,992,306

5% 31.38      160,615,952

5% 94.53    14,152,595

5% 39.23      204,785,339

5% 118.16    18,221,465

5% 49.03      261,101,307

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

5% 147.71    23,460,137

Annex 21. Option 3 Terminal Fees

Parola Option 3 Terminal Fees

53

2019 Commuter Tourism

2020 Commuter Tourism

2021 Commuter Tourism

2022 Commuter Tourism

2023 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

5% 5% 5% 5% 5% 5% 5% 5% 5% 61.29 184.63 76.61 230.79 95.77 288.49 119.71 360.61 149.63 450.76      301,521,561     25,558,748       384,439,990     33,545,857       528,604,986     43,190,291       726,831,855     62,086,043       999,393,801     89,248,687

Terminal Fee (Passenger Cost) Total Terminal Fee

        74,778,179        4,152,938          76,273,742        4,360,584          83,901,117        4,491,402          92,291,228        5,165,112       101,520,351        5,939,879                                     78,931,116                                      80,634,327                                      88,392,519                                      97,456,340                                    107,460,230

2.0%           4,919,617                 13,666

7.0%          138,431                  385

2.0%          5,018,009                13,939

5.0%          145,353                  404

2.0%          5,519,810                15,333

3.0%          149,713                  416

2.0%          6,071,791                16,866

3.0%          172,170                 478

2.0%           6,678,970                18,553

3.0%          197,996                  550

5%

2024 Commuter Tourism

2025 Commuter Tourism

2026 Commuter Tourism

2027 Commuter Tourism

2028 Commuter Tourism

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

2.0%           6,812,550                 18,924

7.0%          211,856                  588

2.0%          6,948,801                19,302

5.0%          222,448                  618

2.0%          7,087,777                19,688

3.0%          229,122                  636

2.0%          7,229,532                20,082

3.0%          235,996                 656

2.0%           7,374,123                20,484

3.0%          243,075                  675

5% 187.04   1,274,227,097

5% 563.45 119,370,119

5% 233.80  1,624,639,548

5% 704.31 156,673,281

5% 292.25  2,071,415,424

5% 880.39 201,716,850

5% 365.31  2,641,054,665

5% 1,100.49 259,710,444

5% 456.64  3,367,344,698

5% 1,375.61 334,377,197

Terminal Fee (Passenger Cost) Total Terminal Fee

     119,219,623      7,414,949      121,604,015      7,785,696      124,036,096       8,019,267      126,516,818      8,259,845      129,047,154      8,507,641                                   126,634,572                                    129,389,712                                    132,055,363                                    134,776,663                                    137,554,795

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods

PRE-FEASIBILITY STUDY

Annexes

Annex 22. Option 3 Terminal Fees

Parola Option 3 Terminal Fees (cont’d)

54

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals CARRYING CAPACITY ASSUMPTIONS COMMUTER TRAFFIC* Daily Yearly Buenavista 4,800 1,728,000 Jordan 6,870 2,473,200 TOTAL 11,670 4,201,200 * Source: Buenavista/Jordan Boat Operators Association

CARRYING CAPACITY PAROLA Jordan Buenavista TOTAL Minutes per Boat  Docking Bays

ANNUAL ‐ TOTAL COMMUTERS ARRIVAL DEPARTURE SUB‐TOTAL Commuter Tourist Commuter Tourist Commuter Tourist

DAILY ‐ TOTAL COMMUTERS PER DAY(360 days) LOAD Commuter Tourist Commuter Tourist

    1,236,600         25,000        864,000               ‐     2,100,600         25,000

          6,870           4,800         11,670

JORDAN Minutes per Boat  Docking Bays

    1,236,600         25,000

BUENAVISTA Minutes per Boat  Docking Bays

       864,000               ‐

   1,236,600       864,000    2,100,600

   1,236,600

      864,000

    25,000            ‐     25,000

    25,000

           ‐

   2,473,200    1,728,000    4,201,200

   2,473,200

   1,728,000

    50,000           ‐     50,000

    50,000

          ‐

          6,870

          4,800

139 0 139

139

0

50 50

50

50

80 80 160

80

80

DAILY ‐ NUMBER OF BOATS  BOAT TRIPS / DAY PEAK HOURS DOCKING  BAYS Commuter Tourist ARRIVAL DEPARTURE 137 96 233

137

96

2 0 2 7

23 16 39 2 11

23 16 39 2 11

5

23 3 13

23 3 13

4

16 4 15

16 4 15

2

0

Guimaras‐Iloilo Ferry Terminals System Project

PRE-FEASIBILITY STUDY

Annexes

Annex 23. Carrying Capacity

Carrying Capacity

55

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Catchment Potential Average purchase

2008 Commuter Tourism        4,201,200              50,000

15% 100.00

20% 100.00

Total Annual Sales Gross Operating Profit % Gross Operating Profit Loan Retirement  Amount Available for Amortization Match Amortization to Available GOP  Loan Terms Equity of Project Cost Total Project Cost Potential Year Passenger Type

Interest

Years Pay

12% 40%

10

2014‐2018 Commuter Tourism

2009 Commuter Tourism

2010 Tourism Commuter

2011 Commuter Tourism

3.0%       4,327,236             12,020

15.0%             57,500                  160

3.2%       4,465,708             12,405

20.0% 2.8%             69,000        4,590,747                  192              12,752

25.0%             86,250                  240

2.5%       4,705,516             13,071

25.0%          107,813                  299

2.5%       4,823,154            13,398

20.0%          129,375                  359

         649,085     64,908,540

            11,500       1,150,000

         669,856     66,985,613

            13,800            688,612       1,380,000      68,861,210

            17,250       1,725,000

         705,827     70,582,741

            21,563       2,156,250

         723,473     72,347,309

            25,875       2,587,500

2013 Commuter Tourism

66,058,540 40% 26,423,416 20% 5,284,683

68,365,613 40% 27,346,245 20% 5,469,249

70,586,210 40% 28,234,484 20% 5,646,897

72,738,991 40% 29,095,596 20% 5,819,119

74,934,809 40% 29,973,924 20% 5,994,785

(2,654,762) 15,000,000 10,000,000 25,000,000

(2,831,747) 16,000,000 10,666,667 26,666,667

(2,920,239) 16,500,000 11,000,000 27,500,000

(3,008,731) 17,000,000 11,333,333 28,333,333

(3,185,715) 18,000,000 12,000,000 30,000,000

2019‐2023 Commuter Tourism

2024‐2028 Commuter Tourism

2.0%       5,836,016             16,211

2.0%       6,419,618             17,832

2029‐2033 Commuter Tourism

Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic

2.0%        5,305,469              14,737

Catchment Potential Average purchase

           795,820             34,931          875,402             43,664          962,943             50,214        1,059,237             57,746      79,582,040        3,493,125      87,540,244        4,366,406      96,294,269        5,021,367    105,923,695        5,774,572

7.0%          174,656                  485

2012 Commuter Tourism

5.0%          218,320                  606

3.0% 2.0%          251,068        7,061,580                  697              19,615

3.0%          288,729                  802

Total Annual Sales Gross Operating Profit % Gross Operating Profit Loan Retirement  Amount Available for Amortization

83,075,165 40% 33,230,066 6,646,013

7,352,532

8,105,251

8,935,861

Match Amortization to Available GOP  Loan Terms Equity of Project Cost Total Project Cost Potential

(3,539,683) 20,000,000 13,333,333 33,333,333

(3,982,144) 22,500,000 15,000,000 37,500,000

(4,424,604) 25,000,000 16,666,667 41,666,667

(4,867,065) 27,500,000 18,333,333 45,833,333

101,315,636 40% 40,526,254

91,906,650 40% 36,762,660 20%

111,698,268 40% 44,679,307 20%

20%

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL PAROLA ECO‐PORT PROJECT Projected Commuter & Tourist Traffic, 5‐Year Periods Private Sector 

PRE-FEASIBILITY STUDY

Annexes

20%

Annex 24. Private Sector

Private Sector

56

Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Total Number of Boats Passengers per Boat per Day Load per Trip Trips per Boat Daily Total Boat Trips per Day  Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

2008 Base Year Commuter Tourism      4,201,200        50,000

100

12.59

Terminal Fee (Passenger Cost) Total Terminal Fee Annual Gross Revenue per Boat Daily Gross Revenue per Boat (360 days)

571,979 1,589 2015 Commuter 2.5%      5,067,326            14,076 100                  141 50                   2.8                  282

2010 Commuter Tourism

2011 Commuter

Tourism

2012 Commuter Tourism

2013 Commuter Tourism

2014 Commuter Tourism

3.0% 15.0% 3.2% 20.0% 2.8% 25.0% 2.5% 25.0% 2.5% 20.0% 2.5% 20.0%        4,327,236         50,000     4,465,708         60,000        4,590,747               75,000        4,705,516              93,750        4,823,154            112,500        4,943,733            135,000             12,020               139           12,405               167              12,752                     208              13,071                    260              13,398                    313              13,733                    375 1 100 1 100 1 100 1 100 2 100 2 100 2                  120             139               124              167                  128                    208                   131                  130                  134                  156                  137                  188 50 80 50 80 50 80 50 80 50 80 50 80                   2.4              1.7                2.5               2.1                   2.6                     2.6                    2.6                   1.6                   2.7                   2.0                   2.7                   2.3                  240                  2               248                  2                  255                         3                   261                       3                  268                       4                  275                       5 20.00 5% 100% 5% 0% 5% 10% 5% 0% 5% 10% 5% 10% 13.22 40.00 13.88 40.00 14.57 44.00 15.30 44.00 16.07 48.40 16.87 53.24    57,197,939 2,000,000 61,979,687  2,400,000     66,900,874        3,300,000      72,002,066       4,125,000    77,492,223       5,445,000    83,401,006       7,187,400

Annual Gross Revenue per Boat Daily Gross Revenue per Boat (360 days) Year Passenger Type Base Year Data Assumed Annual % Growth Rate Annual Commuter Traffic Daily Commuter Traffic Total Number of Boats Passengers per Boat per Day Load per Trip Trips per Boat Daily Total Boat Trips per Day  Average Fares Annual Fare Increase vs Base Year One Way Fare  Total Fares Generation

2009 Commuter Tourism

Tourism

2016 Commuter

2,000,000 5,556

Tourism

619,797 1,722 2017 Commuter

2,400,000 6,667

Tourism

669,009 1,858 2018 Commuter

3,300,000 9,167

Tourism

20.0% 2.5% 20.0% 2.5% 20.0% 2.5% 20.0%     162,000      5,194,009     194,400    5,323,860      233,280       5,456,956            279,936             450            14,428             540         14,788              648             15,158                    778 2 100 2 100 2 100 2             225                  144             270               148              324                  152                    389 80 50 80 50 80 50 80              2.8                    2.9                3.4                  3.0                4.1                     3.0                      4.9                  6                   289                   7                 296                    8                    303                       10

5% 10% 5% 17.71 58.56 18.60    89,760,332  9,487,368     96,604,558

10% 64.42 ########

720,021 2,000 2019 Commuter

2,062,500 5,729

Tourism

774,922 2,153 2020 Commuter

2,722,500 7,563

Tourism

834,010 2,317

3,593,700 9,983

2021 Commuter Tourism

2.5% 20.0% 2.5% 20.0% 2.5% 20.0%        5,593,380          335,923       5,733,214          403,108       5,876,545          483,729              15,537                  933            15,926               1,120            16,324               1,344 100 2 100 2 100 2                   155                  467                  159                  560                  163                  672 50 80 50 80 50 80                     3.1                     5.8                     3.2                     7.0                     3.3                     8.4                    311                      12                    319                      14                    326                      17

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Year Periods Boat Operators 

PRE-FEASIBILITY STUDY

Annexes

5% 10% 5% 10% 5% 10% 5% 10% 5% 10% 19.53 70.86 20.51 77.95 21.53 85.74 22.61 94.32 23.74 103.75 ######### #########    111,898,417       21,820,643    120,430,672      28,803,249    129,613,511      38,020,288    139,496,541      50,186,780

   38,004,946  3,240,000     38,955,070   3,888,000   39,928,946    4,665,600      40,927,170          5,598,720      41,950,349        6,718,464      42,999,108        8,062,157      44,074,086        9,674,588 53,748,674 ########## ########## ########## ########## # ########## # ########## # 897,603 4,743,684 2,493 13,177

966,046 2,683

6,261,663 17,394

1,039,707 2,888

8,265,395 22,959

1,118,984 3,108

10,910,321 30,306

1,204,307 3,345

14,401,624 40,005

1,296,135 3,600

19,010,144 52,806

1,394,965 3,875

25,093,390 69,704

Annex 25. Boat Operators

Boat Operators

57

Year 2022 Passenger Type Commuter Base Year Data Assumed Annual %  2.5% Annual Commuter Tr                  6,023,458 Daily Commuter Traf                       16,732 Total Number of Boa 100 Passengers per Boat                            167 Load per Trip 50 Trips per Boat Daily                              3.3 Total Boat Trips per D                             335 Average Fares Annual Fare Increase 5% One Way Fare  24.92 Total Fares Generatio             150,133,152

2027

2028

Tourism

2023 Commuter

Tourism

2024 Commuter

Tourism

2025 Commuter

Tourism

2026 Commuter

Tourism

Commuter

Tourism

Commuter

Tourism

20.0%                     580,475                         1,612 2                            806 80                            10.1                               20

2.5%                  6,174,045                       17,150 100                             172 50                              3.4                             343

20.0%                     696,570                         1,935 2                            967 80                            12.1                               24

2.5%                  6,328,396                       17,579 100                            176 50                              3.5                             352

20.0%                     835,884                         2,322 2                        1,161 80                            14.5                               29

2.5%                  6,486,606                       18,018 100                           180 50                              3.6                             360

20.0%                  1,003,061                         2,786 2                        1,393 80                            17.4                               35

2.5%                  6,648,771                       18,469 100                            185 50                              3.7                             369

20.0%                  1,203,674                         3,344 2                        1,672 80                            20.9                               42

2.5%                  6,814,990                       18,931 100                           189 50                              3.8                             379

20.0%                  1,444,408                         4,012 2                        2,006 80                            25.1                               50

2.5%                  6,985,365                       19,404 100                           194 50                              3.9                             388

20.0%                  1,733,290                         4,815 2                        2,407 80                            30.1                               60

10%

5% 10% 5% 10% 5% 10% 5% 10% 5% 10% 5% 10% 114.12 26.17 125.54 27.48 138.09 28.85 151.90 30.30 167.09 31.81 183.80 33.40 202.18               66,246,550             161,580,805               87,445,446             173,901,341             115,427,988             187,161,318             152,364,945             201,432,369             201,121,727             216,791,587             265,480,680             233,321,946             350,434,497

Terminal Fee (Passen               45,175,938               11,609,506               46,305,336               13,931,407               47,462,970               16,717,688               48,649,544               20,061,226               49,865,782               24,073,471               51,112,427               28,888,165               52,390,238               34,665,799 80,000,592 87,056,036 Total Terminal Fee 56,785,444 60,236,743 64,180,658 68,710,770 73,939,254 Annual Gross Revenu Daily Gross Revenue

1,501,332 4,170

33,123,275 92,009

1,615,808 4,488

Annex 26. Boat Operators

Boat Operators (cont’d)

43,722,723 121,452

1,739,013 4,831

57,713,994 160,317

1,871,613 5,199

76,182,472 211,618

2,014,324 5,595

100,560,864 279,336

2,167,916 6,022

132,740,340 368,723

2,333,219 6,481

175,217,249 486,715

Guimaras‐Iloilo Ferry Terminals System Project

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL MIG Commuter Ferry Terminals Projected Commuter & Tourist Traffic, 5‐Y Boat Operators 

PRE-FEASIBILITY STUDY

Annexes

58

CDIA-MIG Team

Team Leader: DR. NATHANIEL VON EINSIEDEL    PRE‐FEASIBILITY   Sub‐Team Leader: MR. LEON MAYO  Investment Planning Specialist: MR. ELPIDIO DAMASO  Costing Engineer: MS. MIRIAM TAMAYO  Architectural Designer: MS. DEANNA SANTOS MR. NICASIO ESPINA  MR. JULIUS GARRIDO  MS. JAYCEE GOPEZ  MR. WILFREDO SY  INVESTMENT PLANNING   Sub‐Team Leader: MR. JOSE ANTONIO LEAGUE  Business Development  MS. ELIRINE SIWA  Specialist: CAPACITY BUILDING Sub‐Team Leader: MS. VICTORIA DE VILLA  Local Development Specialist: MS. RASHEL PARDO   LOCAL COUNTERPART   Business Development Advisor: MR. ANGEL DE LEON