South Korea signs $100 million loan deal for Panguil Bay Bridge

A loan deal agreement between South Korea and the Philippines has been signed to construct the Panguil Bay Bridge in Misamis Occidental on the island of Mindanao.

The deal, said to be worth $100.13 million, will mark the first bridge infrastructure project aimed at increasing growth in Mindanao.

Representatives from South Korea signed the agreement, putting in motion the construction deal that will connect Panguil Bay, a 4.19km bridge project that will connect the city of Tangub in Misamis Occidental and the regions of Tubad, in Lanao del Norte.

The project is to be completed in 2018. The loan is said to carry an interest rate of only 0.15 per cent yearly with a maturity of 40 years inclusive of a 10-year grace period.

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