The 3.6km bridge will reduce travel time between Tangub and Tubod from the usual 2.5 hours to seven minutes.  

The national budget will fund approximately 12% of the cost of the project in Northern Mindanao. The remainder will come from the loan provided by the Export-Import Bank of Korea-Economic Development Cooperation Fund (KEXIM-EDCF).

Discussions on the Panguil Bay Bridge project started in 2014 and the project was approved last year (link opens in new tab).