P10 billion container port to rise in Talisay
Carlo S. Lorenciana (The Freeman) - November 21, 2018 - 12:00am

CEBU, Philippines — A P10-billion container port in Talisay City will soon decongest the cargo traffic in Cebu City, the trading hub in the province.

Cebu South Harbor and Container Terminal Corp. will start the construction of the cargo port early next year on a 25-hectare reclaimed land at the city's fishport in Barangay Tangke.

The project is expected to be finished by 2021.

"This new port will augment the flow of import and export that will stimulate the growth of industries and sustain the economy of Cebu with the expected increase in commerce," company consultant Cecile Bitare said at the project groundbreaking yesterday.

The port project is estimated to cost about P8 billion to P10 billion, she said.

Currently, international port operations are concentrated at the Cebu International Port (CIP) in Cebu City.

With the new harbor facility, Bitare noted that cargo traffic at the CIP will soon eased up.

"This will provide port users, shipping lines, shippers, consignees alternative choice of port," she said.

Bitare said the port will cater to container and break bulk cargo operations.

"Because of perfect location of Talisay, we see the big possibility of this port to function as a transshipment port not only for dry cargoes but for local products requiring refrigeration," the official also said.

Meanwhile, the government has also planned to build a new Cebu International Container Port in Consolacion town, northern Cebu.

The Philippines and South Korea had previously signed a $172.64-million loan agreement for the construction of the new international port in Cebu that aims to free up the existing seaport in the province and provide a more efficient and reliable transport infrastructure for the unimpeded flow of goods and services in the Visayas.

The Cebu port project has a total estimated project cost of P10.1 billion (approximately $199.25 million) and will be built on a 25-hectare reclaimed land in the town of Consolacion in Cebu.

KEXIM-EDCF (Export Import Bank of Korea-Economic Development Cooperation Fund) will extend the amount of $172.641 million (approximately P8.8 billion or 186.97 billion Korean Won) for the port project with a preferential interest rate of 0.15 percent per annum for non-consulting services and zero percent for consulting services.

The loan has a maturity period of 40 years inclusive of a 10-year grace period.

The Philippines, for its part, will provide a counterpart fund of $26.09 million (about P1.4 billion or 28.9 billion Korean Won) for the project. (FREEMAN)

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