Cebu-Cordova toll bridge project awarded to MPTDC

CEBU, Philippines – A subsidiary of Metro Pacific Investments Corp. (MPIC) has bagged the award for the financing, design, construction and operation of the 8.25-kilometer Cebu-Cordova toll bridge project.

MPIC said its subsidiary Metro Pacific Tollways Development Corp. (MPTDC) received notices of award both from the Cebu City government and municipality government of Cordova, the company told the Philippine Stock Exchange in a disclosure yesterday.

MPIC said the notices were issued after no comparative proposals for the project were receive on or before December 7, 2015.

“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 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.

MPIC said funding will be sourced from a combination of loans from banks and equity contribution.

The project’s construction is targeted to start in 2017 and is to be completed by 2020.

MPIC has investments in water utilities, toll roads, electricity distribution, healthcare services and light rail. (FREEMAN)