The rollout of the country’s first underground railway system moved one step closer after economic managers on Friday approved the increase in cost of the Metro Manila Subway project.
In a text message, Socioeconomic Planning Secretary and National Economic and Development Authority (Neda) chief Ernesto M. Pernia said the project cost of the first phase of the subway was raised by P1.375 billion, from the previous P355.588 billion to P356.964 billion.
The adjustment in project cost was approved during the NEDA Investment Coordination Committee-Cabinet Committee (ICC CabCom) meeting.
In a separate text message, Neda Undersecretary Rolando G. Tungpalan said the 0.36-percent increase in project cost “included relocation of utilities not considered earlier.”
Tungpalan said the higher project cost reflected an appraisal by the Japan International Cooperation Agency.
Last week, Tungpalan said the Department of Transportation next year will start the implementation of the Metro Manila Subway Project (Phase 1), a 25.3-kilometer underground rail that will connect Quezon City and Taguig City as well as extend to the Ninoy Aquino International Airport.
The subway, to be financed by the Japanese government, would be completed by 2027, according to Tungpalan.
The Department of Finance earlier said that the Philippine government is set to sign with Japan the loan agreement covering the first tranche of financing for the subway project within the month of January.
The initial tranche will amount 104.5 billion yen or about $929.1 million, to be signed during the last week of the month after the government secures Monetary Board approval as well as the Special Presidential Authority, according to the DOF.
Also discussed during the Neda ICC CabCom meeting were the Subic-Clark Railway Project to be implemented by the DOTr and the state-run Bases Conversion and Development Authority; the Clark International Airport Operations and Maintenance Project of the DOTr; as well as San Miguel Corp.’s unsolicited proposal for the New Manila International Airport.
Tungpalan said these three projects were “for further discussion.”
Economic managers also tackled the National Irrigation Administration’s request to extend the implementation and duration of the National Irrigation Sector Rehabilitation and Improvement Project by one year and six months. /jpv
Read more: http://business.inquirer.net/244829/economic-managers-green-light-higher-project-cost-metro-manila-subway-business-subway-project-railway-system-neda-pernia#ixzz55IIbtRGy
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In a text message, Socioeconomic Planning Secretary and National Economic and Development Authority (Neda) chief Ernesto M. Pernia said the project cost of the first phase of the subway was raised by P1.375 billion, from the previous P355.588 billion to P356.964 billion.
The adjustment in project cost was approved during the NEDA Investment Coordination Committee-Cabinet Committee (ICC CabCom) meeting.
In a separate text message, Neda Undersecretary Rolando G. Tungpalan said the 0.36-percent increase in project cost “included relocation of utilities not considered earlier.”
Tungpalan said the higher project cost reflected an appraisal by the Japan International Cooperation Agency.
Last week, Tungpalan said the Department of Transportation next year will start the implementation of the Metro Manila Subway Project (Phase 1), a 25.3-kilometer underground rail that will connect Quezon City and Taguig City as well as extend to the Ninoy Aquino International Airport.
The subway, to be financed by the Japanese government, would be completed by 2027, according to Tungpalan.
The Department of Finance earlier said that the Philippine government is set to sign with Japan the loan agreement covering the first tranche of financing for the subway project within the month of January.
The initial tranche will amount 104.5 billion yen or about $929.1 million, to be signed during the last week of the month after the government secures Monetary Board approval as well as the Special Presidential Authority, according to the DOF.
Also discussed during the Neda ICC CabCom meeting were the Subic-Clark Railway Project to be implemented by the DOTr and the state-run Bases Conversion and Development Authority; the Clark International Airport Operations and Maintenance Project of the DOTr; as well as San Miguel Corp.’s unsolicited proposal for the New Manila International Airport.
Tungpalan said these three projects were “for further discussion.”
Economic managers also tackled the National Irrigation Administration’s request to extend the implementation and duration of the National Irrigation Sector Rehabilitation and Improvement Project by one year and six months. /jpv
Read more: http://business.inquirer.net/244829/economic-managers-green-light-higher-project-cost-metro-manila-subway-business-subway-project-railway-system-neda-pernia#ixzz55IIbtRGy
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
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