PH, Japan sign loan deals for 4th Cebu bridge, Davao bypass projects
reduced to only 49 minutes from the current one hour and 44 minutes via Maharlika Highway.
Another component is a 2.3-kilometer mountain tunnel that will connect Barangay Matina Biao and Barangay Waan. This will cut travel time to less than five minutes from the current 44 minut es.
Construction will start this year. The facility is targeted to be operational by 2023.
Dominguez signed the loan agreements for the Philippines while Eigo Azukizawa, Jica chief representative in the Philippines, signed for Japan.
Azukizawa said the two projects will introduce new construction technologies and facilitate technology transfer.
“We also envision that both projects would contribute to sound urban development of Metro Cebu and Metro Davao, respectively,” Azukizawa said in a speech following the signing ceremony.
“In a broader sense, I hope that these projects would also contribute to the economic recovery of the country amidst the Covid-19 pandemic as we fully support your government’s pronouncement that restarting and accelerating the
Build Build Build program should be one of the main strategies for reviving the Philippine economy,” he added.
Dominguez, for his part, said the government’s bounceback program relies heavily on rapidly restarting the Build Build Build program because of its high multiplier effect and job generating pot ent i al .
“We are happy that two major projects facilitated by the Japanese people through the Japan International Cooperation Agency that were accelerated through high-level consultations will now be ready to br eak ground,” Dominguez said
“These are crucial components of the Build Build Build program that will help our economy bounce back from the adverse effects of this (coronavirus disease or Covid-19) crisis,” he added.
Both loan agreements carry an interest rate of one-tenth of 1.0 percent per annum for the nonconsulting services and one-hundredth of 1.0 percent per annum for consulting services. Both loans are payable in 40 years, including a 12year grace period. ---(Marites VillamorIlano/ SunStar Philippines)