CEBU, Philippines - The newly approved P9.2-billion Cebu International Container Port is expected to be implemented in the third quarter of next year, according to the National Economic and Development Authority.
The port project is also projected to be completed by the second quarter of 2020.
NEDA said the government will seek for a South Korean development assistance for the Cebu port project which involves the construction of a new sea port in Barangay Tayud, Consolacion, northern Cebu given that the existing Cebu International Port (CIP) in Cebu City is already congested at a utilization rate of 97 percent.
The existing CIP is proposed to be used for general and break-bulk cargo. The project is expected to reduce vessel waiting time and increase container yard capacity from the current 7,373 TEUs to 14,400 twenty-foot equivalent units or TEUs.
The port will be constructed offshore on a reclaimed 25 hectare island.
Last November 14, the NEDA Board finally approved the port project.
The NEDA Board is the top policy body that gives the final clearance for large-scale state projects and is led by the President.
NEDA Regional Head Efren Carreon earlier said: "We are very happy that finally the NEDA Board (under Duterte) approved it in so short period of time — in 3 months. This is a long overdue project that Cebu deserves to have because of the continuous economic expansion in Central Visayas."
A feasibility study on the new Cebu port, which was done by Korean experts, recommended funding from Korea's Economic Development Cooperation Fund, given that the project has a poor financial viability.
The Tayud port will also need an access road to connect the port to and from the Cebu North Coastal Road.
This project is envisioned to become a modern international container port that will help sustain Cebu's growing economy. The Cebu Port Authority and Department of Transportation are the lead agencies in the project.
The new container port is geared towards meeting the demands of the dynamic and growing economy of Cebu and of the region. It is expected to provide a long-term solution to the congestion at the existing CIP due to increasing volume and the shallow water depth of its container berths. (FREEMAN)