P495-M Davao Food Exchange slated for confirmation by ICC

Published March 28, 2018, 11:54 AM

by iManila Developer

By Antonio Colina IV

The construction of a 25-hectare Davao Food Exchange Terminal worth P495 million in Toril, Davao City, will be deliberated for confirmation in the Investment Coordination Committee (ICC) Cabinet Meeting.

FILE PHOTO: Davao map. (Google Maps/MANILA BULLETIN)
FILE PHOTO: Davao map. (Google Maps/MANILA BULLETIN)

This, after the ICC-Technical Board approved the project last March 8, which is being proposed for a joint venture arrangement (JVA) as a financing scheme, National Economic Development Authority (NEDA) 11 director Maria Lourdes Lim.

The ICC consists of Sectary of Finance as chairman; the NEDA Director-General as co–chairman; and Executive Secretary, Secretaries of Agriculture, Trade and Industry, Budget and Management and the Governor of the Central Bank of the Philippines, as members.

The ICC is tasked to evaluate the fiscal, monetary and balance of payments implications of major national projects, and recommends to the President the timetable of their implementation on a regular basis; advises the President on matters related to the domestic and foreign borrowings program; and submits a status of the fiscal, monetary and balance of payments implications of major national projects.

Lim said the development will rise within the 25-hectare property of the National Development Company (NDC) in Toril.

The project will consist of food processing centers, cold storage/warehousing facilities, trading post, technology/business incubation center, tourism component, agri-aqua culture, and water filtration and bottling facilities.

The NDC Board approved the terms of reference for JVA last August 15, 2017 and obtained endorsement of the project from Regional Development Council 11 last December 18.

The project is among the priority programs that intend to address the poverty in the region because “agriculture sector is a priority given its role in the upscaling of the region’s industry cluster,” Lim said.

“Davao Region is facing many challenges. Among them are poverty, poor access to education in rural areas, and inadequacy of logistics and infrastructure support for the agriculture sector,” she said.

She added the region aims to achieve its main goal of sustained high economic growth levels through high productivity, resilience to disasters and climate change, and high and faster growth in employment levels.

“Davao Region also aims to achieve a significant growth of the agriculture, fishery and forestry sub-sector which shall redound to an improved income of farmers and fisherfolk and ultimately, shall result to an improvement of their well-being,” she said.