Construction of Bataan-Cavite interlink bridge set to begin
After completion, it will rank among the world's longest marine bridges
At A Glance
- The Marcos administration has secured the initial funding needed to commence the construction of the Bataan-Cavite Interlink Bridge (BCIB), a project that is poised to become one of the longest marine bridges worldwide upon its completion.<br>Following the signing of a substantial $2.11 billion loan from the Asian Development Bank (ADB), Finance Secretary Benjamin E. Diokno said the travel time between Bataan and Cavite will be drastically reduced to just 45 minutes, a significant improvement from the current five-hour duration, once the BCIB is finished.<br>The ADB has approved financing of up to $2.11 billion, equivalent to approximately P118.32 billion, to support the development of the climate-resilient BCIB, a 32.15-kilometer bridge that will connect Bataan and Cavite provinces across Manila Bay, aiming to alleviate congestion in Metro Manila.<br>The BCIB project is structured to be financed through a multi-tranche funding facility, with the initial tranche of the loan amounting to $650 million (approximately P36.22 billion). Additional tranches will be accessed throughout the project's duration, subject to securing relevant government approvals for each subsequent loan tranche.
The Marcos administration has secured the initial funding required to construct the Bataan-Cavite Interlink Bridge (BCIB), which, upon completion, will rank as one of the longest marine bridges globally.
After the signing of a $2.11 billion loan from the Asian Development Bank (ADB), Finance Secretary Benjamin E. Diokno said that the travel time between Bataan and Cavite will be reduced to just 45 minutes from the current five hours upon BCIB's completion.
The ADB has granted financing of up to $2.11 billion, approximately equivalent to P118.32 billion, for the development of the climate-resilient BCIB, a 32.15-kilometer bridge linking Bataan and Cavite provinces across Manila Bay to alleviate congestion in Metro Manila.
The BCIB project will be funded through a multi-tranche financing arrangement, with the initial tranche of the loan totaling $650 million, or roughly P36.22 billion).
Subsequent tranches will be accessed throughout the project's duration, contingent upon obtaining pertinent government approvals for each subsequent loan tranche.
The BCIB will be constructed using low-carbon technologies and construction materials.
It will complete the transport loop around Manila Bay and better connect Metro Manila to Central Luzon and nearby provinces of Cavite, Laguna, Batangas, Rizal, and Quezon, helping boost economic activity in these areas.
“The improved transport connectivity will promote deeper regional economic integration and spur economic activity within NCR, CALABARZON, and Central Luzon,” Diokno said.
The project, which is part of the Infrastructure Flagship Projects (IFPs) under the Marcos, Jr. administration’s Build Better More program, is estimated to cost $3.91 billion (about P219.31 billion).
Of this amount, $2.11 billion, about P118.32 billion, will be financed by the ADB while $1.14 billion, about P63.71 billion, is proposed to be co-financed by the Asian Infrastructure Investment Bank (AIIB).
The remaining $664.23 million (about P37.28 billion) will be funded by the Philippine government.
Apart from the BCIB Project, the $200 million (about P11.15 billion) loan agreement for the Infrastructure Preparation and Innovation Facility - Second Additional Financing (lPlF-AF2) was also signed.
The lPlF-AF2 aims to sustain increased investments in infrastructure by enhancing the capacity of implementing agencies in preparing and managing public infrastructure investments through improving the delivery of high-quality, inclusive, climate-resilient, and low-carbon infrastructure projects; and accelerating sustainable, resilient, integrated, inclusive, and modern critical infrastructure development.
This second additional financing will increase the scope of the ongoing project in order to respond to the government's new investment needs, which includes scaling up climate action.
The lPlF-AF2 amounts to $229.80 million (around P13.08 billion).