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Bidding for the P10-B cargo port in Cebu will begin in January 2022.

The Korean Embassy in Manila said Thursday that bidding for the civil works contract for the Korea-funded New Cebu International Container Port (NCICP) project will begin in January 2022.

“This project has officially begun. The bidding process for picking a construction firm will begin next month “It was stated.

The project is expected to cost PHP10.1 billion in total.

It plans to construct a bridge, access road, and harbor facilities on a 25-hectare reclaimed area in Consolacion, Cebu, to free up the province’s current ports and allow for the free flow of goods and services throughout the Visayas.

The Korean government would offer a loan of USD172.6 million (about PHP8.6 billion) through its loan aid agency KEXIM Bank, with a favorable interest rate of 0.15 percent per annum for non-consulting services and zero percent for consulting services.

The Philippines will contribute USD26.09 million (about PHP1.4 billion) as a counterpart fund.

According to the Embassy, the port’s construction will be completed in 2024.

In 2025, it is expected to reduce cargo traffic congestion at Cebu Port by boosting domestic cargo capacity to 449,000 TEUs and foreign cargo capacity to 402,000 TEUs.

Cebu Port could only handle 424,000 TEUs of domestic cargo and 386,000 TEUs of international cargo in 2016.

According to the Embassy, the initiative will create roughly 5,000 employment during the construction phase alone.

“Korea’s development collaboration with the Philippines celebrates 30 years this year. Korea’s ODA projects have helped to upgrade infrastructure in the Philippines as a result of this collaboration “Kim Inchul, the Korean Ambassador to the Philippines, stated.

“Korea would continue to support the Philippine government’s efforts to enhance infrastructure and, as a result, achieve long-term, inclusive economic growth,” he added.

Last December 2, Inchul and Leonilo Miole, the general manager of the Cebu Port Authority, paid a visit to the possible NCICP site.

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