02 May Panguil Bay Bridge to Cost P4.9B, P586M to be Funded by the National Government
During the ceremonial signing last April 28, 2016 of the loan agreement between the Philippine Government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) for the construction of the pioneering Panguil Bay Bridge project in Northern Mindanao, the Department of Budget and Management (DBM) said that the national budget will fund P586 million of the total P4.9 billion cost. With the remaining P4.2 billion to be funded through loan proceeds.
The Department of Public Works and Highways will serve as the implementing agency for the 4.19-kilometer bridge project which is scheduled to be completed in 2018.
An amount of P44M has already been included in the budget of the DPWH to cover the cost of administrative support, land acquisition and payment of government taxes.
It was in 2014 when the discussions on the the Panguil Bay Bridge project started through the Investment Coordination Committee (ICC) and NEDA board. The original funding pegged at P5 billion but upon the review of the DPWH, the costs of consultancy, direct construction and physical contingency was decreased bringing that total cost down to P4.9 billion.
The Panguil Bay Bridge is considered a major infrastructure development in Northern Mindanao which will connect Tangub City, Misamis Occidental and Tubod City, Lanao del Norte reducing the travel time from the usual 2.5 hours to 7 minutes. Also, it will improve the travel time from Cagayan de Oro and Iligan to the cities of Ozamiz, Tangub, Dipolog, Oroquieta and Dapitan in Zamboanga del Norte.