By Darwin G. Amojelar, Senior Reporter
THE National Economic and Development Authority (NEDA) said its Cabinet Committee has approved multibillion-peso airport and agrarian reform projects.
In a statement, the agency said the NEDA-Cabcom approved the proposed cost increase from P3.1 billion to P3.2 billion as well as the 14-month extension of the Mindanao Sustainable Settlement Area Development Project (MINSSAD).
The project completion was extended from June last year to August this year.
The cost increase was due to the total allotment received by the project, which exceeded the NEDA Investment Coordinating Committee-approved cost and Department of Budget and Management’s Forward Obligational Authority (FOA) by P75.476 million.
The project involves the development of eight Department of Agrarian Reform settlement areas in Mindanao and has components such as rural infrastructure, agricultural and environmental development, procurement of equipment and institutional development that include construction/rehabilitation of irrigation facilities, farm-to-market roads, post-harvest facilities, school buildings, water supply, and provision of appropriate training to agrarian reform beneficiaries.
The NEDA also approved the P4.36 billion Puerto Princesa Airport Development Project, which involves the improvement of the existing facility to comply with international standards.
The project aims to revitalize the transport and trade linkages under the Brunei Darrusalam, Indonesia, Malaysia and the Philippines-East ASEAN Growth Area (BIMP-EAGA).
Of the total amount, P3.4 billion will be financed through a Korean Economic Development Cooperation Fund loan while the remaining P970 million represents local counterpart funding.
The NEDA Cabcom also approved the cost of the technical assistance component of the Logistics Infrastructure Assistance Facility from P80 million to P160 million, with the local counterpart raised from P4 million to P5.4 million.
The project aims to improve the country’s infrastructure facilities and logistics system by providing mid- and long-term financing to private companies, local government units, government-owned and controlled corporations, cooperatives, and national government agencies.
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