MANILA, Philippines – A unit of infrastructure giant Metro Pacific Investments Corp. (MPIC) has bagged a P27.9-billion contract to put up a toll bridge in Cebu.
MPIC’s Metro Pacific Tollways Development Corp. (MPTDC) received the Notices of Award from both the city of Cebu and the municipality of Cordova for the financing, design, construction, implementation, operation and maintenance of the Cebu-Cordova Bridge.
The project to be undertaken by MPTDC as well as the city government of Cebu and municipal government of Cordova involves the construction of the connections to Cebu City and Cordova, the main bridge structure, viaduct, causeway, roadway, and toll facilities.
The 8.25-kilometer bridge is located south of Mandaue Bridge and would take off from Cebu South Coastal Road crossing the Mactan channel to Mactan Island.
It would decongest the worsening traffic in the Marcelo Fernan Bridge and Mandaue Bridge between Mactan and Cebu.
The joint venture would source funds for the project from a combination of loans from local banks and equity contribution.
The construction of the project is targeted to start next year and would be completed by 2020.
MPIC has earmarked P478 billion capital expenditures until 2020. The P401 billion covers existing capex plan, while P78 billion would be for new projects from 2015 to 2020.
The P401 billion capex plan includes P170 billion for power, P106 billion for water, P65 billion for roads, P44 billion for its rail projects, and P16 billion for hospitals.
For the new projects, about P11 billion would be for water and P67 billion would be for roads.
MPIC’s Metro Pacific Tollways Corp. continues to await approval of inflation adjustments for the North Luzon Expressway (NLEX) and six years for the Manila-Cavite Toll Expressway (Cavitex), equivalent to 19 percent and 23 percent, respectively.
MPTC operates NLEX and Cavitex via Manila North Tollways Corp. (MNTC) and Cavitex Infrastructure Corp. (CIC).