THE Investment Coordination Committee-Cabinet Committee (ICC-CC) has approved the scope of revisions to four projects aimed at improving the country’s transport system, irrigation and water supply, the National Economic and Development Authority (NEDA) said.
The ICC-CC approved the new project configuration for the LRT Line 1 North Extension Project-Common Station or the Unified Grand Central Station (North Extension Project), the NEDA said on Thursday.
It will have a new total project cost of approximately P2.8 billion, including P1.4 billion to be tapped from the Department of Transportation’s 2017 budget, it said.
“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),” it said.
The ICC-CC also approved the proposed loan extension and fund reallocation for the New Communications, Navigation and Surveillance/Air Traffic Management Systems Development Project.
The NEDA explained the proposed project revision includes a loan extension of two years and six months. It will also reallocate the P570.38-million portion of the project cost to construction and procurement, consulting services, administration costs, value-added tax and duties and taxes from the local counterpart contingency.
The ICC-CC also approved the change of the financing mode for the Chico River Pump Irrigation Project from national government funding to official development assistance (ODA).
The ICC also supported to change the financing mode from PPP scheme to ODA for the New Centennial Water Source-Kaliwa Dam Project and the North-South Railway Project-South Line, which were originally approved by the NEDA Board in September 2015 and February 2016, respectively.
The committee also endorsed the approval of a new cost threshold for projects to be reviewed and approved by the ICC.
A new project cost threshold of P2.5 billion was approved by the ICC-CC, according to the NEDA.
Major capital projects costing at least P2.5 billion will require ICC approval, except if otherwise provided by law.
However, projects below P2.5 billion must be certified as consistent with the Philippine Development Plan. The implementing agency’s mandate, as well as the performance indicators approved by the Department of Budget and Management must also be submitted.