The construction of Panguil Bay Bridge will start this year, Public Works and Highways Secretary Mark Villar said in his official social networking page.
“Construction of the Panguil Bay Bridge, a 3.48 km bridge connecting Misamis Occidental and Lanao del Norte, will start this year,” he said.
The said bridge is considered a major infrastructure development in Northern Mindanao which will connect Tangub City, Misamis Occidental and Tubod City, Lanao del Norte.
It is expected reduce travel time between Tangub and Tubod from the usual 2.5 hours to 7 minutes. It will also significantly improve the travel time from Cagayan de Oro and Iligan to the cities of Tangub, Ozamiz, Oroquieta, Dipolog, and Dapitan in Zamboanga de Norte.
The national budget will fund PHP586 million of the total PHP4.9 billion cost for the construction of Panguil Bay Bridge while Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) will fund the remaining cost through loan.
Panguil Bay Bridge is among the 75 priority project of National Economic and Development Authority (NEDA).