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MANILA, Philippines – The tollways group led by Manuel “Manny” V. Pangilinan has bagged the P27.9-billion ($594.68-million) contract to finance, build, operate, and maintain a toll bridge that will connect mainland Cebu and the municipality of Cordova.
This project is seen to address worsening traffic condition between Mactan and Cebu, particularly in the Marcelo Fernan and Mandaue bridges, Metro Pacific Tollways Development Corporation (MPTDC) told the Philippine Stock Exchange on Tuesday, January 5.
MPTDC, a subsidiary of Metro Pacific Investments Corporation (MPIC), has received notices of award for the “financing, design, construction, implementation, operation, and maintenance of an 8.25-kilometer (km) toll bridge to be known as the Cebu-Cordova Bridge.”
This was after the City of Cebu and the Municipality of Cordova did not receive any expression of interest from other investors, making Pangilinan-led MPTDC as the sole bidder.
The Cebu-Cordova toll bridge project will be implemented through an unincorporated joint venture between the MPTDC, the City of Cebu, and Municipality of Cordova.
The project includes the construction of the connections to Cebu City and Cordova, the main bridge structure, viaduct, causeway, roadway, and toll facilities.
The P27.9-billion ($594.68-million) amount includes the construction cost with inflation over a 4-year period; the toll facilities and operating system; the right-of-way cost; and financing costs. Funding of the project will be sourced from a combination of loans from local banks and equity contribution, MPTDC said.
MPTDC said the toll bridge will be located around 7.5-km south of the Mandaue Bridge and will take off from the Cebu South Coastal Road, crossing the Mactan channel to Mactan Island.
MPTDC targets to start the construction in 2017 and complete it by 2020. – Rappler.com
$1 = P46.92