Home>News>PH secures ADB first tranche loan for BCIB and second additional financing for the preparation of pipeline projects
News

PH secures ADB first tranche loan for BCIB and second additional financing for the preparation of pipeline projects

The Department of Public Works and Highways (DPWH) is delighted to announce the successful signing of the first tranche of loan with Asian Development (ADB) for the financing of Bataan – Cavite Interlink Bridge (BCIB) Project.

In a ceremony on December 15, 2023 at the ADB Headquarters in Ortigas Center, Mandaluyong City, the Government of the Philippines represented by Department of Finance (DOF) Secretary Benjamin C. Diokno and ADB Philippine Office Country Director Pavit Ramachandran signed the first tranche of the loan amounting to $650 million (around ₱36.22 billion) for the construction of BCIB Project.

ADB first tranche loan for BCIB

The ADB has earlier approved financing of up to $2.11 billion (about ₱118.32 billion) for the construction of 32.15-kilometers BCIB, poised to become one of the world’s longest marine bridges once completed.

Present at the signing ceremony were DPWH Secretary Manuel M. Bonoan; Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman; National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan; Department of Transportation (DOTr) Secretary Jaime J. Bautista; ADB Vice President Scott Morris; ADB Managing Director General Woochong Um; ADB Director-Generals Ramesh Subramaniam, Winfried Wicklein, and Emma Veve; DPWH Senior Undersecretary Emil K. Sadain; DOF Undersecretary Edita Tan; and DOTR Undersecretary Timothy John R. Batan.

DPWH Secretary Manuel M. Bonoan said that the signed loan agreement is a crucial step forward in the realization of BCIB connecting Bataan and Cavite provinces across Manila Bay to decongest Metro Manila.

With this substantial investment, the DPWH thru the Unified Project Management Office (UPMO) Operations led by Senior Undersecretary Sadain with UPMO Roads Management Cluster II (Multilateral) Project Director Sharif Madsmo H. Hasim is well-positioned to execute the project procurement and construction this coming year 2024.

ADB first tranche loan for BCIB

According to Senior Undersecretary Sadain, publication of the invitation to bid for the first two (2) contract packages is set in January 2024. The first package is the five (5)-kilometer land approach including the interchange in Bataan and package 2 involves the 1.35-kilometer land approach including the interchange in Cavite.

Other packages are the 20.65-kilometer Marine Viaducts in the North and South under Packages 3 and 4; and 2.15-kilometer North Channel Bridge for Package 5 and 3.15-kilometer South Channel Bridge for Package 6.

The 7th package involves project-wide ancillary works.

DPWH has earlier conducted a contractor’s outreach event wherein local and international construction companies had the opportunity to engage in discussions, ask questions, and network with key stakeholders and prospective business partners in preparation for the project bidding.

To sustain increased infrastructure investments and climate action in the Philippines, a $200 million (about ₱11.15 billion) loan agreement with ADB for the Infrastructure Preparation and Innovation Facility – Second Additional Financing (lPlF-AF2) was also signed that will directly support DPWH and DOTr to deliver more effective and more innovative infrastructure projects.

The second additional financing will continue scaling up the scope of the ongoing project, comprising the original project and the first additional financing, to respond to the government’s new investment needs.

The project aligns with the Philippine Development Plan (PDP) 2023-2028 and extends its benefits by boosting project readiness and accelerating development of low-carbon and climate resilient public infrastructure projects.

Journal Online
A collection of noteworthy information on various topics from the Philippines and the rest of the world.
https://journal.com.ph