THE CABINET-LEVEL National Economic and Development Authority-Investment Coordination Committee (NEDA-ICC) last week approved extensions for the loan validity and construction period of two projects, citing procurement delays.
In a statement, NEDA said that the ICC’s Cabinet Committee (CabCom) approved the Department of Public Works and Highways (DPWH)’s request to extend the loan validity for the Samar Pacific Coastal Project as well as that of the National Irrigation Administration’s (NIA) Jalaur River Multi-purpose Project (JRMP).
“Citing the need to recoup the time lost due to procurement delays and security issues, the NEDA ICC-CabCom approved the Department of Public Works and Highways (DPWH)’s request to extend by 24 months the validity of the loan for the Korean loan-assisted Samar Pacific Coastal Project. Also, the ICC-CabCom approved the changes in the project’s scope and construction period,” NEDA said.
The P1.03-billion Samar Pacific Coastal Road will now be constructed between January 2018 and December 2019 for the remaining works. The validity of the loan for the project, provided by the Export-Import Bank of Korea, was extended 24 months to Jan. 17, 2020.
The project is a 109.3-kilometer road under the Arterial Road Network, which will link towns facing the Pacific and eventually complete the circumferential loop for Samar Island.
“Similarly, the ICC-CabCom also approved the request of the National Irrigation Administration (NIA) to extend by 46 months the validity of the loan for the second stage of another Korean-assisted project, the Jalaur River Multi-purpose Project,” NEDA said.
The project completion schedule was likewise extended from Nov. 28, 2017, to Sept. 28, 2021, while the loan will now be valid until March 28, 2022 from May 28, 2018 originally.
The P11.21-billion JRMP involves the construction of dam and irrigation facilities, including a high dam and reservoir with afterbay and catch dams in Iloilo.
The ICC-CabCom, co-chaired by the Department of Finance and NEDA, also heard a report from the Department of Transportation and Philippine Coast Guard analyzing lease and purchase options for the Maritime Disaster Response Helicopter Acquisition.
Other projects discussed were the Philippine Fisheries Development Authority’s proposal to review the third phase of the Nationwide Fish Ports Project as five separate projects; the DPWH’s proposal on project cost breakdown adjustments for the Metro Manila Flood Management Project (MMFMP) — Phase 1; and the Fuel Marking Program under the Tax Reform for Acceleration and Inclusion, which was determined to no longer require ICC approval. — Elijah Joseph C. Tubayan
