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Friday, August 19, 2005
Port authority seeks financing for Cordova int’l port
The Cebu Port Authority (CPA) plans to partly fund the construction of the proposed international port in Cordova town by selling property that it still has to own.
“We plan to ask the DENR (Department of Environment and Natural Resources), which owns the row of warehouses before the entrance of the Cebu South Road, to endorse that property to the CPA. We can then sell that property and use the money to develop the international port in Cordova,” said Carlos Co, a commissioner of the 4th Cebu Port Commission, the policy-making body of the CPA.
Interviewed last week, Co said the CPA already owns the adjacent property now occupied by the Maritima building, which is not being used.
Borrow
Since the proceeds from the sale of these properties will not be enough, the CPA will borrow the balance needed to complete the Cordova port project.
In choosing a lender, the port authority will select “whoever wants to give it (the loan) to us at a concessional rate,” he told Sun.Star Cebu.
The international port project is a joint venture by the CPA and the local government of Cordova, which is tasked to develop the container yard there.
There are plans to transfer the international port in Cebu City to Cordova on Mactan island “because we are out of space for the domestic port,” Co said earlier this year.
This would result in the present Cebu International Port becoming a domestic port.
Benefits
The Cordova port is expected to benefit importers and exporters because most container vans go to the Mactan Economic Zones, which are located on Mactan island, just like Cordova.
Cebuanos, however, will not be seeing this new port anytime soon.
Co said the proponents of the project still have to determine its economic viability, that is, how to pay back the amount needed to develop the port. (CTL)
(August 19, 2005 issue)
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