NORTHERN Mindanao is seen to persist on an accelerated growth path after three years as the government gears up to finish the P4.9-billion Panguil Bridge by 2020, a facility expected to increase economic activities in the area.
By connecting the provinces of Misamis Occidental and Lanao del Norte through a two-lane bridge, the Department of Public Works and Highways (DPWH) said it expects economic growth in the region to be at full speed by 2020, thanks to increased mobility of goods and services.
“The P4.9-billion mega infrastructure project is expected to accelerate and sustain the economic growth in Mindanao by providing the efficient and seamless transport of goods and services,” the DPWH statement read.
In 2016 the region registered a 7.6-percent increase in gross regional domestic product. Northern Mindanao owes majority of its local output to the service sector, comprising 43 percent of its P305- billion value in the past year.
The Panguil Bridge will be funded through a mix of official development assistance from South Korea and taxpayers’ money. Broken down, P4.272 billion will come from the Korea Economic Development Corp. Fund, and the balance of P587,000 will be from the national budget.
Korean consultants from winning bidder Yooshin Engineering Corp. will help the DPWH with design reviews and construction supervision.
Public Works Undersecretary Emil K. Sadain and Korean company’s President Kuan Jung Joo signed the memorandum of agreement for consultancy services on Wednesday.
Flagship projects, such as the Panguil Bridge, are part of the plan to mark the current administration as the “golden age of infrastructure”, with spending-to-GDP ratio targeted to reach 7.2 percent at the end of President Duterte’s term.