NEDA approves 2 projects worth P10 billion

The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CC) recently approved two projects worth P10 billion, the agency said yesterday.

NEDA said the ICC approved the Immediate Rehabilitation Project of the People’s Television Network Inc. (PTV-4), a state-owned broadcast company and the so-called Bridges for Prosperity Acceleration Project.

The projects aim to strengthen the government’s information system and link the country’s islands.

As this developed, the NEDA ICC also re-evaluated the Iloilo Flood Control Project Phase 2 (Stage 1). The project aims to mitigate flood damage to create a more sustainable urban community in Iloilo.

NEDA said the rehabiliation of the PTV-4 network is estimated to cost P470 million. The project aims to modernize the analog broadcast facilities and equipment the network and to strengthen its efficiency and effectiveness as an integral and critical part of the government’s information system.

About 85 percent of the funding for the said project shall be sourced from the US Export-Import (EXIM) Bank with London Forfaiting Americas Inc. (LFAI) as lender. LFAI shall finance the remaining 15 percent.

On the other hand, the bridge project of the Department of Public Works and Highways (DPWH) involves constructing permanent bridges and replacing temporary bridges, all totaling 242 along national roads nationwide.

Of the P9.6 billion-bridge project, about P8.3 billion shall be financed by the United Kingdom and about P1.31 billion shall be provided by the Philippine government.

The Iloilo Flood Control Project Phase 2 (Stage 1) change in scope of works was approved to avoid further delays in the completion of the project due to right-of-way (ROW) problems.

Also approved was the project’s additional cost due to increase in the civil works, ROW and construction management components and the 38-month extension of implementation period from March 2002 to March 2007 to March 2002 to July 2010. The project is expected to benefit the six districts of Iloilo City with a total land area of 6.85 hectares.