THE National Economic and Development Authority (Neda) said Thursday the Investment Coordination Committee–Cabinet Committee (ICC-CC) has lowered the project cost threshold for the projects it will review and approve to P2.5 billion from P5 billion.
According to Neda, major capital projects costing at least P2.5 billion shall require ICC nod, except as otherwise provided by law.
"However, projects costing below P2.5 billion will still need certification that the project is consistent with the Philippine Development Plan/Results Matrices/Public Investment Program and the implementing agency's mandate, as well as the performance indicators approved by the Department of Budget and Management (DBM), among other requirements," Neda said in the statement.
The ICC-approved projects are those being forwarded to the Neda Board headed by President Rodrigo Duterte.
Shortly after Duterte assumed office last year, the government increased the ICC project cost floor from P1 billion to P5 billion to declog the pipeline of projects for ICC approval and to promote greater decision flexibility and accountability of line departments in implementing their priority projects.
The Neda-ICC-Cabinet Committee also approved the scope revisions of two transport projects, change in financing mode of one irrigation project, and one water supply project.
The projects with configuration include the LRT Line 1 North Extension Project-Common Station or the Unified Grand Central Station (North Extension Project). It will have a new total project cost of approximately P2.8 billion, inclusive of the P1.4 billion in the Department of Transportation’s 2017 budget.
The project’s new physical configuration includes dual tracks for LRT-1, MRT-3, and MRT-7, and a total concourse area of 13,700 square meters. The project is targeted to be delivered by April 2019 (assuming there will be no needless further delays).
The ICC-CC also approved the proposed loan extension and fund reallocation for the New Communications, Navigation and Surveillance/Air Traffic Management (CNS/ATM) Systems Development Project.
It also gave its nod on the change of the financing mode for the Chico River Pump Irrigation Project from national government funding to Official Development Assistance (ODA); and the the financing mode from public private partnership scheme to ODA for the New Centennial Water Source-Kaliwa Dam Project and the North-South Railway Project-South Line. (SDR/SunStar Philippines)