METRO Pacific Tollways Development Corp. (MPTC), a subsidiary of Metro Pacific Investments Corp. (MPIC), on Tuesday received the Notices of Award (NOA) for the P27.9- billion Cebu-Cordova Bridge project.
MPTC disclosed to the Philippine Stock Exchange (PSE) that it had received the NOAs from both the City of Cebu and Municipality of Cordova for the financing, design, construction, implementation, operation and maintenance of the Cebu-Cordova Bridge, an 8.25-km toll road.
“The Notices of Award were issued by the City of Cebu and the Municipality of Cordova in favor of the Company after not having received any Expression of Interest to submit comparative proposals on or before December 7, 2015, the deadline indicated in the duly published Invitation to Bid and Submit Comparative Proposals for the Project,” MPTC’s disclosure read.
MPTC said the project will be implemented through an unincorporated joint venture (JV) between the MPTC, the City of Cebu and the Municipality of Cordova
The bridge, which will link Mactan Island and mainland Cebu, is envisioned to decongest the traffic in the two existing bridges—the Marcelo Fernan Bridge and the Mandaue Bridge–between Mactan and mainland Cebu.
Under the JV, MPTC will construct connections to Cebu City and Cordova, the main bridge structure, viaduct, causeway, roadway and toll facilities located around 7.5 kilometers south of the Mandaue Bridge, and will take off from the Cebu South Coastal Road crossing the Mactan channel to Mactan Island.
The project is estimated to cost not more than P27.9 billion. The amount includes the construction cost with inflation over a four-year period, the toll facilities and operating system, the right-of-way cost, and financing costs.
Funding will be sourced from a combination of loans from local banks and equity contribution.
Construction of the project is targeted to start sometime in 2017 and is estimated to be completed by 2020.