CIP to undergo P1.1-billion expansion

The Cebu International Port (CIP) will be expanded by about half a kilometer.

Cebu Port Authority (CPA) General Manager Angelo Verdan said the Cebu International Container Port (CICP) that will be built in Consolacion can only accommodate two vessels at a time once it is finished.

This is the reason the CPA gave the Oriental Port and Allied Services Corp. (Opascor) the goahead to construct a finger pier so the CIP can accommodate two more vessels.

The P1.1-billion project is scheduled for completion in September.

The loan from the South Korean Government for the CICP has an interest of only .015 percent per year. 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.

SunStar Cebu, Sept. 4, 2018 issue

“So, it is not true that once a new port in Consolacion will be realized, the CIP will be converted into an international port for cruise vessels with matching business center. We need more international ports for cargoes due to (the) growing international trade,” Verdan said.

The CICP in Consolacion will be constructed through a loan from South Korea in the amount of P10 billion with minimal interest.

Although the Department of Transportation obtained the loan, it will be turned over to the CPA, the end-user, which will pay the monthly amortization.

On the other hand, the P1.1 billion that Opascor will spend for the finger pier will be deducted from the CPA’s share of Opascor’s operation at the CIP. /