The Philippine government and the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF) formally signed yesterday the P4.89 billion loan agreement for the 4.19-kilometer Panguil Bay Bridge connecting the city of Tangub in Misamis Occidental and the municipality of Tubod in Lanao del Norte in Northern Mindanao.
The bridge project is considered a major infrastructure development in Northern Mindanao and will reduce travel time between Tangub and Tubod from the usual 2.5 hours to 7 minutes. It will also significantly improve the travel time from Cagayan de Oro and Iligan to the cities of Tangub, Ozamiz, Oroquieta, Dipolog, and Dapitan in Zamboanga de Norte.
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photo by Department of Foreign Affairs