CCLEX P19-B loan agreement gets two awards

Workers fabricated the piles, which form part of the main foundation for the Cebu-Cordova Link Expressway. /CCLEC photo

CEBU CITY, Philippines–The P19 billion omnibus loan and security agreement entered into by the Cebu Cordova Link Expressway Corporation (CCLEC) to fund the construction of the Cebu-Cordova Link Expressway (CCLEX) won two awards.

One of the awards is the Syndicated Loan of the Year-Philippines from the Asian Banking and Finance Corporate and Investment Banking Awards of the Asian Banking and Finance Magazine, CCLEC said in a Facebook post.

The Syndicated Loan of the Year-Philippines award was given to RCBC Capital Corporation, which led the agreement with other banks such as the Development Bank of the Philippines, Robinsons Bank Corporation, Union Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corporation.

RCBC Capital received the award during the Asian Banking and Finance Corporate and Investment Banking Awards held on July 18 at the Shangri-La Hotel in Singapore. The award honors outstanding corporate and investment banking deals and achievements.

The other award for the P19-billion loan is the Transport Deal of the Year, which was given during the Triple A Infrastructure Awards of the Hong Kong-based financial publication The Asset held last July 5 in Hong Kong.

CCLEC signed the 15-year, P19-billion omnibus loan and security agreement with RCBC and five other banks last February 7, 2019. The loan will help finance the 8.5-kilometer toll bridge project that has a projected total cost of P30 billion. CCLEC will shoulder the balance of the project cost.

The company had started actual construction of the expressway last July 5, 2018. At present, 21 piles of the main bridge’s Tower 2 and 17 of the 21 piles in Tower 1 have been erected. These form part of the bridge’s main foundation.

On the other hand, the piling works for the other project components, including the Cebu South Coastal Road on-ramp and viaduct is ongoing. The bridge has a 51-meter navigational clearance or height to allow large vessels to pass underneath. As of the latest count, a total of 1,519 workers have been fielded for its construction.

Upon completion in 2021, the bridge will cater to an estimated 50,000 vehicles daily, which would result in a reduction of traffic at the existing two bridges connecting Mactan and mainland Cebu.

It is also expected to beef up Cebu’s road network, help spur economic growth, and boost investments not just in Cebu City and the Municipality of Cordova but throughout the province and Visayas region.

CCLEC is a subsidiary of Metro Pacific Tollways Corporation (MPTC), the largest toll road developer in the Philippines./dcb