Construction of the three bridges funded by the Asian Development Bank (ADB) will commence this second quarter or within the last three months of the Duterte administration, the Department of Finance (DOF) said.
In a statement, Finance Secretary Carlos G. Dominguez III said the $175.1-million, roughly P8.8 billion, infrastructure projects are due for completion in 2026. The loan, approved by the ADB in December last year and became effective last Feb. 10, will fund the the Marcos Highway-Saint Mary avenue bridge, Homeowner’s Drive-A. Bonifacio bridge, and the Kabayani Street-Matandang Balara bridge.
These bridges spanning over three kilometers across the Marikina River are among the 12 to be built under the Metro Manila Bridges Project.
“These bridges are crucial components of the Build, Build, Build program that will help our economy bounce back from the adverse effects of the pandemic,” Dominguez said.
“With their high multiplier effect and job-generating potential, investments in infrastructure will be the engine for our rapid economic recovery,” he added.
Dominguez and ADB Managing Director General Woochong Um recently exchanged copies of the loan documents for the construction of the three bridges in ceremonies held at the DOF headquarters.
Dominguez pointed out that a key design feature of the three ADB-funded bridges is their ability to absorb strong earthquake shocks and reduce flood risks in the area, making them climate- and disaster-resilient.
Um described the project as a “milestone for the Philippines’ ‘Build, Build, Build’ program.”
“Now, we are seeing the beginning of the end of the pandemic, we hope. And the signing (of the loan agreement) comes at a critical time. We must continue investments in infrastructure now, hich is essential for securing strong economic development in 2022,” Um said.
The ADB has consistently and strongly supported President Duterte’s centerpiece program “Build, Build, Build” since the start of his administration.
Among the big-ticket infrastructure projects that the ADB has supported through its financing assistance for “Build, Build, Build” totaling $2.3 billion are the Malolos-Clark Railway, the Improving Growth Corridors in Mindanao Road Sector, the EDSA Greenways, and the Angat Water Transmission Improvement.
“On behalf of the Philippine government, I thank the Asian Development Bank for being our most reliable multilateral development partner,” Dominguez said.
If you like this article, share it on social media by clicking any of the icons below.
Or in case you haven’t subscribed yet to our newsletter, please click SUBSCRIBE so you won’t miss the daily real estate news updates delivered right to your Inbox.
The article was originally published in Manila Bulletin and written by Chino S. Leyco
About Post Author
More Stories
Metro Manila construction material retail price growth slowest in over four years
Buoyant retail sector
Megawide’s planned P5-B bonds gets PRS Aa rating