Trillion-peso bridge projects investors to be scrutinized

BACOLOD CITY, Philippines  â€” Investors for bridge projects are welcome, but Negros Occidental Gov. Alfredo Marañon Jr. said they have to prove themselves first that they have the capacity or capitalization to fund these projects, estimated to worth trillion of pesos.

"Before accepting any proposals, we should first dig up or investigate how much is their paid-up capital," said Marañon, adding that he will order an investigation on the bridge projects being initiated by the New Negros Integrated North and South Realty Development Corp., a group of foreign and local investors.

The group of investors arrived here recently for the proposal to build three bridges that will interconnect Negros, Panay, and Cebu islands. They will build a bridge from Valladolid (Negros Occidental) to Guimaras, a second bridge to connect Guimaras to Iloilo, and a third one to connect San Carlos City (Negros Occidental) to Toledo City in Cebu.

The group said it also planned to build a 100-hectare reclamation project at Brgy.Palaka in Valladolid town of Negros Occidental, followed by the 17-kilometer Valladolid-Guimaras bridge, a gymnasium, a hospital, a transport terminal, a market, hotels and a golf course.

"I don't believe them! It is easy to introduce to the public any foreigner from Ermita (Manila) as your investors and contractors," Marañon said in Hiligaynon when asked about the plan of the group.

The governor said a feasibility study conducted earlier showed that to build a bridge that would connect Brgy.  Tomongtong in E. B. Magalona town (Negros Occidental) to Banate town (Iloilo) will cost between $1.5 billion to $1.8 billion, or about P80 billion. "It is easy to say that you have a multi-billion project but what is important is you financial backing," he said.

National Economic and Development Authority-6 regional director Ro-ann Bacal, for her part, said that such proposal has not reached her office yet. "If ever there is, it needs the approval of the Regional Development Council," Bacal added.

Maria Lina Sanogal, provincial planning and development officer, said the group has not coordinated with the Capitol about the project yet. "They are welcome but they should coordinate with the province," she said.

Sanogal explained that if the funding of the project will use government money, then it needs to be endorsed first to the Provincial Development Council and then approved by the Regional Development Council. "If it is from private funds then it should get the approval of NEDA," she added. (FREEMAN)