The highly anticipated construction of the Panguil Bay Bridge which will link the city of Tangub in Misamis Occidental and the municipality of Tubod in Lanao del Norte was approved and signed on Thursday, April 28, by the Philippine government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF). A $100.13-million loan agreement was signed by the representatives of the Philippine government and its counterpart in South Korea.
The Panguil Bay Bridge will mark the first-ever bridge infrastructure project of KEXIM-EDCF in the Philippines which aimed at increasing growth in Mindanao with reliable and efficient transport infrastructure connecting the northern and western areas of Mindanao.
Philippine National Treasurer Roberto Tan and KEXIM-EDCF chief representative Yongkeun Oh signed the loan agreement, kicking into motion the infrastructure deal. The country’s loan from South Koera will be used to finance the construction of a 4.19-kilometer (km) bridge across Panguil Bay.
According to the national government, the Department of Public Works and Highways (DPWH) will serve as the implementing agency of the Panguil Bay bridge project, which is scheduled to be completed in the year 2018.
In an official statement sent to various news media company in the country, Finance Secretary Cesar Purisima was quoted as saying “We appreciate the robust partnership we share with the Republic of Korea – this project is the latest evidence we have of friends from abroad placing their faith on our people,” Finance Secretary Cesar Purisima said in a statement.
“The Panguil Bay Bridge Project not only connects two points in Mindanao; it connects us to an optimistic future for Mindanao’s growth and prosperity,” he added.
During the said signing event of the Panguil Bay Bridge Project, Foreign Affairs Secretary Jose Rene Almendras also signed the Individual Arrangement, while Korean Ambassador to the Philippine Hon. Jan-shin Kim signed on behalf of the South Korean government.
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