Permit processing underway for third Cebu bridge project

CEBU, Philippines - The Cebu-Cordova toll bridge project is currently acquiring approvals from various agencies, according to a project status update from the National Economic and Development Authority.

According to NEDA, Cebu's third bridge project is getting approvals from Toll Regulatory Board, Philippine Reclamation Authority, Department of Public Works and Highways, Civil Aviation Authority of the Philippines and Mactan-Cebu International Airport.

The Metro Pacific Tollways Development Corp., a subsidiary of listed conglomerate Metro Pacific Investments Corp., is the company awarded to finance, design, build and operate the 8.25-kilometer toll bridge.

In a disclosure last January, MPIC said its subsidiary already received notices of award both from the Cebu City government and municipal government of Cordova.

“The project, which will be implemented through an unincorporated joint venture among the company, the City of Cebu and Municipality of Cordova, is envisioned to decongest the traffic in the two existing bridges (Marcelo Fernan Bridge and Mandaue Bridge) between Mactan and Cebu, due to the worsening traffic condition in the area,” MPIC had said.

The project includes the construction of the main bridge structure, viaduct, causeway, roadway and toll facilities. It is located around 7.5 kilometers south of Mandaue Bridge and will take off from the Cebu South Coastal Road crossing the Mactan channel to Mactan Island.

The bridge project is estimated to cost not more than P27.9 billion. Funding will be sourced from a combination of bank loans and equity contribution.

Construction is targeted sometime in 2017 and the project is seen completed by 2020.

The Cebu-Cordova bridge is MPIC's first bridge project outside Metro Manila. MPIC has interests in water utilities, toll roads, electricity distribution, healthcare and light rail.

MPIC's shares were last traded at P5.77 per share. — (FREEMAN)