The Philippine government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) signed the $100.13 million loan agreement last Thursday (April 28, 2016) for the Panguil Bay Bridge in Misamis Occidental.
"This becomes the first bridge infrastructure project of KEXIM-EDCF, aimed at increasing growth in Mindanao with reiable and efficient transport infrastructure connecting the Northern and Western areas," Rappler reports.
National Treasure Roberto Tan and KEXIM-EDCF chief representative Yongkeun Oh signed the loan agreement.
"The loan will finance the construction of a 4.19 kilometer(km) bridge across Panguil Bay, connecting the city of Tangub in Misamis Occidental and the municipality of Tubod in Lanao del Norte."
"This becomes the first bridge infrastructure project of KEXIM-EDCF, aimed at increasing growth in Mindanao with reiable and efficient transport infrastructure connecting the Northern and Western areas," Rappler reports.
National Treasure Roberto Tan and KEXIM-EDCF chief representative Yongkeun Oh signed the loan agreement.
"The loan will finance the construction of a 4.19 kilometer(km) bridge across Panguil Bay, connecting the city of Tangub in Misamis Occidental and the municipality of Tubod in Lanao del Norte."
The national budget will fund P586 million of the total P4.9 billion cost for the construction of the pioneering Panguil Bay Bridge project in Northern Mindanao, the Department of Budget and Management (DBM) said during the ceremonial signing.
Discussion on the Panguil Bay Bridge project started in 2014 through the Investment Coordination Committee (ICC) and NEDA board. The original funding was pegged at P5 billion but upon the review of DPWH, however, the costs decreases to P4.9 billion.
Discussion on the Panguil Bay Bridge project started in 2014 through the Investment Coordination Committee (ICC) and NEDA board. The original funding was pegged at P5 billion but upon the review of DPWH, however, the costs decreases to P4.9 billion.
"With the steadfast support we have from our development partners and neighbors, we are able to fund the Republic's infrastructure investments at a lower, and much favorable premium," Tan said before the signing the loan agreement.
This will increased connectivity and mobility in Mindanao ought to spur more inclusive economic activity
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