MVP Group to spend P30B for Cebu-Cordova bridge
A unit of Metro Pacific Tollways Corp. has earmarked P30 billion through 2020 for the construction of an expressway that will link Cebu City to Cordova in Mactan.
Cebu Cordova Link Expressway Corp. was awarded the P22.6 billion project, which would start construction in the second quarter of 2018.
Funding for the 8.5 kilometer tollroad project will come from a P20 billion loan from six local banks. The remaining P10 billion will be funded by equity.
Metro Pacific Tollways Corp. president Rodrigo Franco said the project would help decongest the two existing Mactan-Mandaue and Marcelo Fernan bridges, where traffic a already builds up in both approaches particularly during peak hours.
Other members of the Cebu Cordova consortium include Spain-based Acciona Construccion SA and Philippine-based First Balfour Inc. and D.M. Consunji.
The span of the bridge allows for shipping traffic and the link is expected to serve at least 40,000 vehicles daily.
The toll plaza will feature eight lanes for each direction as well as several toll facilities.