CEBU CITY—The tollway unit of Metro Pacific Investments Corp. on Friday signed a joint venture agreement with the Cebu government that will pave the way for the construction of a P27.9-billion third bridge between Mactan Island and mainland Cebu.
“After we signed the joint venture agreement, we will enter a toll concession agreement with the government of Cebu. The concession period would be 35 years, including the construction period,” Metro Pacific Tollways Corp. president and chief executive Rodrigo Franco told reporters.
The company has to secure approvals from the Philippine Reclamation Authority and Toll Regulatory Board before signing the concession agreement.
Franco expects to secure approvals from TRB and PRA before the end of the year.
He said the company planned to start the construction of the Cebu-Codova Bridge in the second half of next year and complete it by 2020.
“It’s a good project, we expect vehicle traffic to ramp up very quickly,” Franco said.