The Panguil Bay Bridge Project of the Department of Public Works and Highways had finally concluded the signing of Loan Agreement with the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) at the Bureau of Treasury, Intramuros, Manila last April 28, 2016.
Present during the signing of the Loan Agreement was DPWH Secretary Rogelio L. Singson and the Secretary of Budget and Management Florencio Abad. Foreign Affairs Secretary Jose Rene D. Almendres and the Republic of Korea Ambassador Kim Jae-shin signed the arrangement for a PHP 4.859 billion loan to finance the implementation of the Panguil Bay Bridge Project with DPWH as the implementing agency.
With an estimated cost of PHP 4.859 billion, PHP 4.272 billion is to be funded by KEXIM-EDCF, while the remaining PHP 587 million will be funded by the Philippine National Budget.
Discussions on the Panguil Bay Bridge Project began in 2014. This was proposed to connect the Municipality of Tubod in Lanao del Norte and the City of Tangub in Misamis Occidental trimming down travel time to 7 minutes from the usual 2.5 hours which includes the waiting time and the queueing at the port.
President Benigno Aquino III proudly revealed during his visit in Tangub City, Misamis Occidental last September 9, 2015, that the Bridge Project will surely push through this year.
“We will aide in the detailed design and construction supervision of the bridge project. Ninety per cent of the workforce will be coming from the Philippines and 70% of the materials to be utilized will also be coming from here,” a korean engineer from SAMBO Engineering Firm said during their site inspection last September 2, 2016. The 3.6km two-lane Panguil Bay Bridge Project is anticipated to be completed in 3-4 years.
The mega infra project will not only reduce travel time but will also improve the transport of goods and services in connecting municipalities. Moreover, it shall boost the region’s advantage as the most competitive, efficient, and attractive transhipment hub and venue for industrial ventures in Southern Philippines.
The construction of access road in Tangub, Misamis Occidental is ongoing while area survey in Tubod, Lanao del Norte is also in progress.