THE DEPARTMENT of Transportation (DoTr) announced on Wednesday the start of construction for the P16.93-billion New Cebu International Container Port, which is expected to be completed by the second quarter of 2028.
“This redistribution will pave the way for a seamless flow of goods and services, ensuring our economy remains robust and dynamic,” said Transportation Secretary Jaime J. Bautista in a statement.
The New Cebu International Container Port is expected to create space for vessels and cargo, leading to faster turnaround times for commercial ships, the DoTr added.
“The benefits of this project extend far beyond its physical structure. It is expected to generate a wide array of advantages for users, the local community, and the public sector,” the DoTr said.
This port project is one of the department’s major initiatives and is targeted for completion by 2028.
The cargo port is being developed under an official development assistance scheme from the Export-Import Bank of Korea with transaction advisory services from the International Finance Corporation of the World Bank.
It marks the first public-private partnership (PPP) project of the DoTr in the maritime sector. Last year, the civil works contract was awarded to HJ Shipbuilding Construction Co., Ltd.
Located in Tayud, Consolacion, Cebu, the port will have a capacity of 2,500 twenty-foot equivalent units and will be equipped with four quay cranes.
In 2018, the Department of Finance signed a $172.64-million loan agreement with the Export-Import Bank of Korea for the project.
The port will feature a 500-meter berth and a water depth of negative 12 meters, as well as a 1,365-meter access road connecting the new port to the 300-meter offshore bridge. — Ashley Erika O. Jose