EIGHT years after the approval of the New Cebu International Container Port (NCICP) project in Consolacion town, the project has finally been awarded to a winning contractor, reported Cebu SunStar.

The Cebu Port Authority confirmed to SunStar Cebu, November 19 that a Notice of Award was awarded to a contractor on November 11.

HJ Shipbuilding and Construction, formerly Korea's Hanjin Heavy Industries & Construction, the winning contractor, will lead the construction of the new international port located on a 25-hectare reclaimed land in Barangay Tayud, Consolacion.

However, there has yet to be a tentative date as of the moment on the ground-breaking and the start of the civil works of the project.

CPA explained that while the project has already been awarded, the contract between the contractor and the National Government is still being finalised.

After which, the Notice to Proceed will follow, along with the date for the start of construction.

The NCICP, once completed, is seen to improve and decongest the flow of goods and services in the Visayas region.

The project is funded by a loan from the Export-Import Bank of Korea from the Republic of Korea's Economic Development Cooperation Fund in 2018 of around $172.64 million.

The project cost has ballooned to P16.9 billion (US$28 billion) after the National Economic and Development Authority (Neda) Board chaired by President Ferdinand Marcos Jr approved the additional P7.7 billion for the project.

This was due to changes in the plan, including the additional quay cranes from the original four, the price increase on construction materials and equipment and the right-of-way acquisition procurement budget.

The increase will be charged to the Philippine government's counterpart funding.

In an August 2023 report of SunStar Cebu, Neda's records showed that the project cost was around $199,250,000.