Author Topic: Panguil Bay Bridge Project  (Read 1117 times)

adroth

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Panguil Bay Bridge Project
« on: April 22, 2018, 02:54:06 PM »
Panguil Bay Bridge Project Loan Agreement Signed
Friday, June 10, 2016

http://www.dpwh.gov.ph/dpwh/news/777

The Panguil Bay Bridge Project of the Department of Public Works and Highways had finally concluded the signing of Loan Agreement with the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) at the Bureau of Treasury, Intramuros, Manila last April 28, 2016.

Present during the signing of the Loan Agreement was DPWH Secretary Rogelio L. Singson and the Secretary of Budget and Management Florencio Abad. Foreign Affairs Secretary Jose Rene D. Almendres and the Republic of Korea Ambassador Kim Jae-shin signed the arrangement for a PHP 4.859 billion loan to finance the implementation of the Panguil Bay Bridge Project with DPWH as the implementing agency.

With an estimated cost of PHP 4.859 billion, PHP 4.272 billion is to be funded by KEXIM-EDCF, while the remaining PHP 587 million will be funded by the Philippine National Budget.

Discussions on the Panguil Bay Bridge Project began in 2014. This was proposed to connect the Municipality of Tubod in Lanao del Norte and the City of Tangub in Misamis Occidental trimming down travel time to 7 minutes from the usual 2.5 hours which includes the waiting time and the queueing at the port.

President Benigno Aquino III proudly revealed during his visit in Tangub City, Misamis Occidental last September 9, 2015, that the Bridge Project will surely push through this year.

“We will aide in the detailed design and construction supervision of the bridge project. Ninety per cent of the workforce will be coming from the Philippines and 70% of the materials to be utilized will also be coming from here,” a korean engineer from SAMBO Engineering Firm said during their site inspection last September 2, 2016. The 3.6km two-lane Panguil Bay Bridge Project is anticipated to be completed in 3-4 years.

The mega infra project will not only reduce travel time but will also improve the transport of goods and services in connecting municipalities. Moreover, it shall boost the region’s advantage as the most competitive, efficient, and attractive transhipment hub and venue for industrial ventures in Southern Philippines.

The construction of access road in Tangub, Misamis Occidental is ongoing while area survey in Tubod, Lanao del Norte is also in progress.


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« Last Edit: April 22, 2018, 11:27:09 PM by adroth »

adroth

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Re: Panguil Bay Bridge Project
« Reply #1 on: April 22, 2018, 03:06:38 PM »
From: http://bworldonline.com/content.php?section=Economy&title=100-m-south-korea-loan-to-fund-bridge-across-panguil-bay-signed&id=126712

< Edited >

According to the Forward Obligational Authority issued by the Budget department, Korea Eximbank will finance the project with P161.94 billion in 2017, another P1.4 billion in 2018 and the remaining P2.71 billion in 2019. The Philippine government, meanwhile, will release P44.48 million of its P586.63-million counterpart this year to cover land acquisition, administrative support and payment of taxes.

The project will cost the government P23.89 million, P180.97 million and P337.34 million in the following three years. The investments will form part of the Department of Public Works and Highways’ (DPWH) annual budget.

Constructing the Panguil Bay Bridge was first estimated to cost P5 billion, according to the DBM. The costs of direct construction, consultancy and physical contingency were later reduced.

“With the steadfast support we have from our development partners and neighbors, we are able to fund the Republic’s infrastructure investments at a lower, and much favorable premium,” Mr. Tan noted during the signing ceremony.

The loan carries an interest rate of 0.15% per annum for non-consulting services and 0.0% per annum for consulting services. It has a total maturity of 40 years, inclusive of a 10-year grace period.

The government targets to complete the Panguil Bay Bridge Project in 2018. The infrastructure will connect Tangub City in Misamis Occidental and Tubod City in Lanao del Norte.

< Edited >


adroth

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Re: Panguil Bay Bridge Project
« Reply #3 on: March 09, 2019, 05:34:12 PM »
Panguil Bay Bridge, to be PHL’s longest, breaks ground
November 28, 2018 | 8:18 pm

https://www.bworldonline.com/panguil-bay-bridge-to-be-phls-longest-breaks-ground/

THE Panguil Bay Bridge Project, to be financed through official development assistance from South Korea, broke ground yesterday, Finance Secretary Carlos G. Dominguez announced. The project, with an original budget of P4.9 billion, is a 3.48-kilometer, two lane bridge that will connect the city of Tangub in Misamis Occidental to the town of Tubod, the capital of Lanao del Norte. It is intended to cut travel time between Tangub City and Tubod to seven minutes from the current 2.5 hours. It will also shorten trips from the cities of Cagayan de Oro and Iligan to Tangub as well as the Zamboanga Peninsula Region. The $100.13-million loan for the project was obtained from the Export-Import Bank of Korea (Korea Eximbank) in 2016.

< Edited >

Once completed, the Panguil Bridge will be the country’s longest, beating the current one, the 2.2-kilometer San Juanico Bridge that connects the islands of Samar and Leyte.

< Edited >
« Last Edit: March 09, 2019, 05:42:40 PM by adroth »

adroth

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Re: Panguil Bay Bridge Project
« Reply #4 on: March 09, 2019, 05:40:49 PM »
https://pia.gov.ph/news/articles/1015687?fbclid=IwAR107YNkgXQ28ODmmgntzmoBhrYOCwqa6aA9RgQ5P2LwoQ6Kvf59L0QLlw4

President Rodrigo Roa Duterte leads the groundbreaking of Panguil Bay Bridge Project together with Department of Public Works and Highways Secretary Mark Villar, Korean Ambassador to the Philippines Mr. Han Dong-man, National Defense Secretary Delfin Lorenzana and Lanao del Norte provincial officials, Governor Imelda "Angging" Quibranza-Dimaporo, 1st District Representative, Congressman Mohamad Khalid Quibranza- Dimaporo, and 2nd District Representative, Congressman Abdullah "Bobby" Dimakuta Dimaporo, and Tubod Municipal Mayor Leoncio Bagol held in the access/approach road in Sagadan, Tubod, Lanao del Norte. (PIA Lanao del Norte)