MPIC signs toll road venture with Cebu LGUs
Cebu City infrastructure giant Metro Pacific Investments Corp. (MPIC) signed Friday the joint-venture agreement with the local government of Cebu for the country’s first standalone toll bridge, signaling it was still willing to invest even as its toll road business faced fresh regulatory challenges.
The agreement, signed with the government leaders from the city of Cebu and the municipality of Cordova, marks a step forward toward the construction of an 8.25-kilometer, Cebu-Cordova bridge project, which Metro Pacific hopes to finish by 2020.
The P27.9-billion bridge will provide a third link between mainland Cebu and Mactan Island, where its international airport is located, cutting travel time by about 40 minutes.
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