The tollway unit of bilyonaryo Manuel V. Pangilinan-led Metro Pacific Investments Corp. is set to sign a deal with the Cebu city government for the proposed P27.9-billion third bridge between Mactan Island and mainland Cebu.

Metro Pacific Tollways Corp. president Rodrigo Franco said the city council of Cebu has approved the project and granted the mayor the authority to sign the joint venture agreement.

Following the signing, the company has a year to secure regulatory approvals from the Philippine Reclamation Authority, and Toll Regulatory Board, among others.

Thw company plans to start the construction of the Cebu-Cordova Bridge in the second half of 2017 and complete it by 2020.
It has secured the notices of award from both the City of Cebu and the Municipality of Cordova for the financing, design, construction, implementation, operation and maintenance of the Cebu-Cordova Bridge tollroad subject to compliance with conditions.

The project spans 8.3 kilometers, which will link the island of Mactan to mainland Cebu through the municipality of Cordova.