The Philippines on Tuesday signed with Japan two loan agreements totaling P75.5 billion, to finance two big “Build, Build, Build” infrastructure projects.
In a statement, the Department of Finance (DOF) said the loans were for the Cebu-Mactan Fourth Bridge and Coastal Road Construction project in the Visayas, and supplemental financing for the P18.5-billion Davao City Bypass Construction Project.
“Given the challenging circumstances, these projects bring more support to our economic recovery well beyond their nominal value,” Finance Secretary Carlos Dominguez III said.
Dominguez signed the loan agreement with Eigo Azukizawa, chief representative of the Japan International Cooperation Agency (JICA) at the DOF office in Manila.
Considered as the biggest “Build, Build, Build” project in the Visayas, the Cebu-Mactan Fourth Bridge and Coastal Road seeks to boost trade and traffic flow between mainland Cebu and Mactan Island.
The Davao City Bypass Construction project aims to reduce congestion in Davao City by providing better access from the Davao-Digos intersection in Toril, Davao City to the Davao-Agusan National Highway in Panabo City. (Jojo Mangahis)