Cebu City Council Authorizes Mayor To Sign JVA On Php27.9-B Cebu-Cordova Bridge

The Cebu City Council has authorized Mayor Michael Rama to sign a joint venture agreement (JVA) for the construction of the Php27.9-billion Cebu-Cordova bridge.

The council also approved the terms and conditions of the JVA, which means that the Metro Pacific Tollways Development Corp. (MPTDC) can start complying with several requirements for the project.

MPTDC president Rodrigo Franco said they are happy the council finally approved the agreement and authorized the mayor to sign it because they have a tight deadline to comply with.

The project proponent only has one year from the issuance of the notice of award to comply with all the requirements before the project can be implemented.

That period will lapse on Dec. 23 this year.

Among the requirements is the approval of the Toll Regulatory Board, the Philippine Reclamation Authority, Department of Public Works and Highways, Department of Environment and Natural Resources, Civil Aviation Authority of the Philippines, Philippine Coast Guard and the Philippine Ports Authority.

Cordova had approved the JVA last Feb. 18.

Franco said he is optimistic they will be able to secure all approvals from the concerned government agencies, with only nine months left before the deadline.

The concession period for the bridge project will last for 35 years, and will start with the construction period.

The proponents are targeting to start building the bridge by next year. It will be finished after 36 months, if everything goes on schedule. (PNA) SCS/EB/RSM