These projects are: the Eastern Highway which is estimated to cost P12 billion and will start from Bulacan to Nueva Ecija; the 21-kilometer Calabarzon Expressway to Cavite which is projected to cost around P9 billion; stage II of the Subic-Clark-Tarlac Expressway which will extend up to Pangasinan; and the six-lane C6 which will start from Bicutan to the Manggahan dike bypass east of Taguig.
The first project of the PIC is the rehabilitation and expansion of the South Luzon Expressway (SLEX).
Although the PIC already has funding for the SLEX Alabang viaduct rehabilitation, the actual repair has yet to start since preparatory traffic alleviation work is still being done.
Sources said that after the SLEX, the second project to be undertaken by the PIC would be the Calabarzon Expressway.
The PIC was specifically created to jumpstart infrastructure projects.
While government funds would initially be used for crucial infrastructure projects, the PIC would ensure the initial implementation and eventual privatization of such projects.
The PIC is essentially a management corporation tasked with handling conceptualization, financing, implementation and privatization of crucial infrastructure projects.
The PIC, however, would have not operating arm.
PIC projects, would be those with a high potential for multiplier effects and would be income generating.
Trade Secretary Cesar Purisima said that government needs to attract more investments into the country to engage in productive activities that would boost the local economy.
However, to attract investments, Purisima has repeatedly said, government must also provide the necessary infrastructure.
But because of its current budgetary difficulties, the National Government would have difficulty in allocating resources for crucial infrastructure projects.
The PIC, therefore, would be able to channel resources to crucial infrastructure projects.