CPA HOPES INT’L CONTAINER PORT PROJECT STARTS

Interest payment for the P10-billion loan for the project starts on Oct. 4, 2018, says CPA chief

The Cebu Port Authority (CPA) is hopeful that it can finally start the Cebu International Container Port Project in Tayud, Consolacion, Cebu next month as the interest payment of the P10-billion loan will start on Oct. 4, 2018.

CPA General Manager Angelo Verdan said the implementing agency is the Department of Transportation (DOTr) of which the CPA is an attached office. After the project is completed, it will be turned over to the CPA, which will use it.

Verdan said the loan from the South Korean Government has an interest of only .015 percent per year, which is just a token for office mobility. This is lower than the four percent imposed by other countries.

The loan agreement was signed by President Rodrigo Duterte who went to South Korea last June. The loan, which has a grace period of 10 years, is payable within 20 years starting Oct. 4, 2018.

He said that since the project involves a reclamation, they need a permit from the Philippine Reclamation Authority (PRA).

It will also need to have an Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR).

Verdan said the Department of Public Works and Highways (DPWH) will build an exclusive road from the new container port to the existing Cebu International Port (CIP) in Cebu City.

The Mandaue City Government and the Department of Social Welfare and Development will help DPWH in the relocation of informal settlers who will be affected by the projects, Verdan said.