Approval for Philippines mega port
The CEPU Port Authority (CPA) in the Philippines has been given the go ahead to proceed with its proposed P9.2bn new international container port in the Cebu province, according to the Cebu Daily news.
This project has apparently been favoured over Mega Harbour and Port Development Inc’s proposed P16.5bn international port project by which was supposed to have been built on the same site in the town of Consolacion.
The National Economic and Development Authority (NEDA) apparently approved this project along with six other infrastructure projects with a total cost of around P270bn.
Construction is due to begin in the third quarter of 2017, with the port expected to be operational by 2020.
It is hoped that the new port at Barangay Tayud will help decongest the existing port at the North Reclamation Area in Cebu City.
Funding will apparently come from funding will come from the Korean Official Development Assistance with a counterpart from the Philippine national government.