Five infra loans to be inked in Q1
Credit to Author: MAYVELIN U. CARABALLO, TMT| Date: Mon, 14 Jan 2019 16:20:29 +0000
Loan agreements for five infrastructure projects to be financed by official development assistance (ODA) are expected to be signed in the first quarter of this year, the Finance department said on Monday.
“The loan agreement for the NSCR (North-South Commuter Railway) Extension Project, Pasig-Marikina River Channel Improvement Project Phase IV, and Road Network Development Project in Conflict-Affected Areas in Mindanao are expected to be signed in first quarter of 2019,” the department said in a statement.
The projects will be financed by the Japanese government, Finance Undersecretary Mark Dennis Joven told reporters last week.
The NSCR Extension Project involves lengthening the railway from Malolos in Bulacan to Clark International Airport in Pampanga and from Solis in Manila to Calamba in Laguna.
The Pasig-Marikina River Channel Improvement Project Phase IV, meanwhile, covers the final segment of an effort to mitigate frequent massive flooding caused by the overflow of the Pasig-Marikina River.
The Road Network Development Project in Conflict-affected Areas in Mindanao involves the construction, rehabilitation and improvements to a 178.43-kilometer road network in the Autonomous
Region in Muslim Mindanao and neighboring regions.
Also expected to be signed in the first quarter are two projects to be financed by the Chinese government, Joven said.
These are the Safe Philippines Project Phase 1 and the PNR South Long Haul project.
The Safe Philippines Project Phase 1 aims to improve local government capabilities towards collaborative and more efficient management of public order, security, and safety. It entails the construction of 18 integrated operations and command centers that will have video surveillance systems and a remote backup data center.
The PNR South Long Haul project, meanwhile, covers a 653-kilometer railway that will run from Manila to Batangas, Laguna and Bicol.
The Duterte administration is banking on a massive infrastructure push via the “Build Build Build” infrastructure program to propel economic growth.
Officials have said that 44 out of 75 flagship projects are already being implemented.
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