THE proponent of the Cebu-Cordova Link Expressway (CCLEX) project has assured that the project will be completed on time after it secured a P19-billion loan from several banks for the project.

Cebu-Cordova Link Expressway Corp. (CCLEC) President and General Manager Allan Alfon, in a speech, said that CCLEX or the third bridge project will be operational by middle of 2021 or in time for their target completion for the project.

A signing ceremony with CCLEC officials and officials from six banks was held Thursday, February 7, for the granting of the P19-billion loan.

CCLEC signed a 15-year omnibus loan and security agreement with the Rizal Commercial Banking Corp., Development Bank of the Philippines, Robinsons Bank Corp., Union Bank of the Philippines, Bank of the Philippine Islands and Security Bank Corp., Thursday, February 7.

In an interview, Alfon said that as of end of January, the overall progress of the bridge is already at 27 percent, while eight percent for the actual construction.

“Actually, this is an EPC contract or engineering, procurement and construction contract which includes the detailed design, procurement of materials and construction itself,” he said.

A consortium between international contractor Acciona and local contractors First Balfour and D.M. Consunji, Inc., are doing the project.

The contractors started the actual construction last July 5, 2018.

At present, all 21 piles of the main bridge’s Tower 2 have been completed while 17 put of 21 piles at Tower 1 have been erected, which form part of the main foundation of the bridge.

Piling works of the other components of the bridge including the Cebu South Coastal Road on-ramp and viaduct are also underway.

The P19-billion loan will be used as part of total funding for the construction of the P30-billion worth CCLEX project, said Metro Pacific Tollways Corp. (MPTC) President and CEO Rodrigo Franco.

The remaining funding requirement, Franco said, will be shouldered by the company.

CCLEC is a subsidiary of MPTC, the largest toll developer in the Philippines.

In a joint venture agreement with the Cebu City Government and the Municipality of Cordova, CCLEC is tasked to construct, own and operate the 8.5-kilometer toll bridge project.

Upon its completion, CCLEX is expected to cater an estimated 50,000 vehicles daily which can significantly reduce the volume of vehicles that are currently utilizing the two existing bridge.