GMA leads start of Cavite road project

President Arroyo leads the ground-breaking rites today for the long-awaited construction of the Manila-Cavite coastal road extension project, reaffirming a commitment she made 16 years ago to transform Cavite into a highly industrialized province.

The ground-breaking ceremonies, which will start at 10 a.m., is expected to be a sentimental event for Mrs. Arroyo who, as an assistant secretary of the Department of Trade and Industry in 1988, envisioned the implementation of the Cavite Trade and Industry Plan (CTIP).

The Cavite coastal road extension project will stretch the existing highway from Pasay City to Zapote (Las Piñas) and to Kawit and Noveleta, both in Cavite.

The 11.3-kilometer, $117-million extension project is one of the priority projects of the Arroyo administration and is slated to be finished in 24 months.

Mrs. Arroyo secured funding for the project during her state visit to the United States last year.

The International Finance Corp. agreed to finance $70 million of the total project cost. The balance will be provided by UEM-MARA Philippines Corp. and a consortium of foreign investors.

UMPC and Coastal Road Corp. will undertake the project in a joint venture with the Public Estates Authority under the build-operate-transfer scheme.

"This is one project we Caviteños cannot forget President Arroyo for. Aside from the dramatic cut in travel time, the project will also entice investors to locate themselves at the Export Processing Zone in Rosario, Cavite," Cavite Rep. Plaridel Abaya said.