CCLEC, 6 banks ink P19B loan pact for third Mactan-Cebu bridge
Executives from the Cebu Cordova Link Expressway Corp.(CCLEC), Rizal Commercial Banking Corp. (RCBC), Development Bank of the Philippines (DBP), Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands (BPI) and Security Bank Corp. sign the 15-year omnibus loan of P19 billion for the construction of the 8.5 kilometer Cebu-Cordova Link Expressway (CCLEX). |CDND Photo by Tonee Despojo
CEBU CITY, Philippines — The Cebu Cordova Link Expressway Corp. (CCLEC) has signed a P19-billion syndicated loan agreement with six banking institutions for the construction of the third bridge connecting Mactan Island to mainland Cebu.
CCLEC, the company that is constructing the Cebu-Cordova Link Expressway (CCLEX), borrowed the amount as part of the funding for the 8.5-kilometer toll bridge, which has a total project cost of P30 billion. The remaining P11 billion cost to build the bridge will be underwritten by CCLEC.
The ceremonial signing of the 15-year loan agreement between CCLEC president and general manager Allan Alfon and executives of Rizal Commercial Banking Corp. (RCBC), Development Bank of the Philippines (DBP), Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands (BPI) and Security Bank Corp. took place at the Pacific Grand Ballroom of the Waterfront Hotel and Casino in Barangay Lahug, Cebu City on Thursday, February 7.
The construction of CCLEX begun in July 2018 with the piling of the two towers of the bridge, which serves as its main foundation. At present, all 21 piles of the Tower 2 of CCLEX are completed while Tower 1 has finished erecting 17 out of 21 piles.
Alfon said the other components of the project, the Cebu South Coastal Road ramp and viaduct, are also underway.
“We are very confident that we can deliver this very iconic structure by mid of 2021,” Alfon said in his opening remarks during the ceremonial signing.
CCLEX is expected to cater to a daily volume of 50,000 motor vehicles./elb
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