By: Morexette Marie B. Erram - Multimedia Reporter - CDN Digital
Published: June 11,2020 - 12:20 PM
Full Article: PH, Japan formalizes loan agreement for 4th Cebu-Mactan bridge
Snippet: CEBU CITY, Philippines – The Japanese and Philippine government has formalized an agreement involving loans of two big-ticket projects here, including the 4th Cebu-Mactan bridge.
In a statement released earlier this week, the Embassy of Japan in the Philippines announced that Ambassador Haneda Koji and Foreign Affairs Secretary Teodoro Locsin Jr. has signed and exchanged notes for loans amounting to a total of 154 billion yen, or roughly P73 billion, for the construction of two infrastructure projects.
These are the 4th Cebu-Mactan Bridge and Phase 2 of the Davao City Bypass.
According to the press release, the former is estimated to cost 119 billion Yen (P56 billion) while its 35 billion yen (P17 billion) for the latter.
“These yen loan projects to be financed by Japan seek to tackle connectivity and traffic congestion concerns confronting the rapidly developing metropolitan areas of Cebu and Davao,” the statement read.
“Both projects form part of the ‘Build Build Build’ program to which Japan remains strongly committed,” it added.