Tuesday, May 24, 2022
HomeLandPH borrows $56.6M for Panay-Guimaras-Negros bridges project

PH borrows $56.6M for Panay-Guimaras-Negros bridges project

  • The Philippines borrowed $56.6 million (about P2.9 billion) from South Korea to fund engineering services for the Panay-Guimaras-Negros Island Bridges Project
  • The project involves construction of two sea-crossing, four-lane bridges spanning 32.47-kilometers combined that will connect the islands of Panay, Guimaras and Negros in Western Visayas
  • With a total estimated cost of P187.54 billion, the project is expected to commence engineering services this year
  • Construction will begin in 2025

The Philippines borrowed $56.6 million (about P2.9 billion) from South Korea to fund engineering services for the Panay-Guimaras-Negros Island Bridges Project.

Philippine Finance Secretary Carlos Dominguez III and Export Import Bank of Korea-Economic Development and Cooperation Fund (KEXIM-EDCF) Executive Director Tae-Soo Kim on May exchanged copies of the agreement that was signed last month.

To be implemented by the Department of Public Works and Highways (DPWH), the inter-island bridges project involves construction of two sea-crossing, four-lane bridges spanning 32.47-kilometers (km) combined—including connecting roads and interchanges—that will connect the islands of Panay, Guimaras and Negros in Western Visayas.

KEXIM-EDCF’s loan will fund preliminary design, detailed engineering design and procurement assistance, according to the Department of Finance in a statement.

The zero-interest loan with a 0.1% service charge per disbursement covers a maturity period of 40 years, inclusive of a 10-year grace period.

With a total estimated cost of P187.54 billion, the Panay-Guimaras-Negros Island Bridges Project is expected to commence engineering services this year, and begin construction in 2025.

The soon to be longest bridge in Region 6 will be the fastest way by land to cross Iloilo, Guimaras, and Bacolod, DPWH earlier said.

The proposed island bridges connecting the islands of Panay, Guimaras, and Negros have two components. These are the 13 km Panay-Guimaras or Section A that will have a sea-crossing bridge length of 4.97 km; and Guimaras-Negros or Section B or with a total length of 19.47 km including sea-crossing bridge length of 13.11 km.

The supplementary feasibility study report and engineering service provision for the project was approved by the National Economic and Development Authority Board’s Investment Coordination Committee-Cabinet Committee in August 2021.

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