The Government of Philippine has secured a PHP2.9 billion loan from the Export Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) to finance engineering services for the Panay-Guimaras-Negros Island Bridges Project. Works will include preliminary design, comprehensive engineering design as well as procurement assistance and will support completion of core works prior to the construction of the two bridges. Engineering services are scheduled to commence in 2022.
The zero-interest loan, which includes a 10-year grace period, has a 0.1 per cent service charge each disbursement and a 40-year maturity period.
The 32.47 km interisland bridge project will include construction of two sea-crossing, four-lane bridges connecting the islands of Panay, Guimaras, and Negros in Western Visayas. The entire project is estimated to cost around PHP187.54 billion and main construction work is expected to start in 2025.
Development of the project will be overseen by the Department of Public Works and Highways (DPWH) and is one of the major projects under the government’s Build, Build, Build program.