The MoU with the city of Toledo will see the start of work within 30 days for international port at the western side of the province.
“This will decongest the ports of Cebu City and will be a great source of employment for residents not only in Toledo but in the southwest of Cebu,” said Toledo City mayor John Henry Osmena.
The project has a budget of P644m (£10m), initially from a loan from the Land Bank of the Philippines and some local funds.
“We welcome private investors interested along the way to complete the project and then the port construction,” Osmena said.
PRA general manager Janilo Rubiato saud that the authority will extend full assistance to the city as it goes about constructing the project, including helping ensure that the construction is environmentally sound.
The project is expected to be completed in two years with most of the materials taken from the areas owned and operated by Atlas Consolidated Mining & Development Corporation and Carmen Copper Corporation.