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Manila Bulletin devider Business devider NEDA approves P2.7-billion transport plan, three projects

NEDA approves P2.7-billion transport plan, three projects

Published May 16, 2024 07:18 am

The National Economic and Development Authority (NEDA) has greenlit a P2.75 billion project designed to propel infrastructure development in line with the country's sustainable development goals.

Known as the Facility for Accelerating Studies for Infrastructure, or FAST-Infra project, NEDA said it will kick off this initiative by concentrating on the transportation sector.

NEDA said the project would also offer financial support for formulating high-quality transportation plans and developing a pipeline of major transportation projects.

In addition, the NEDA board also approved the extension of the implementation period and loan validity for the Support to Parcelization of Lands for Individual Titling (SPLIT) Project.

The P24.62 billion Official Development Assistance (ODA)-financed project will be led by the Department of Agrarian Reform and aims to improve land tenure security and stabilize the property rights of agrarian reform beneficiaries.

Currently, there are a total of 78,657 e-titles covering 105,691 hectares that have been registered to 85,665 agrarian reform beneficiaries.

Of these beneficiaries, 54,698 registered e-titles covering 72,996 hectares have been distributed to 59,375 agrarian reform beneficiaries.

The board also greenlighted the Infrastructure for Safer and Resilient Schools (ISRS) project, which aims to address the physical recovery needs of schools affected by natural disasters between 2019 and 2023.

This includes the repair, rehabilitation, retrofitting, and reconstruction to recover damaged school facilities outside Metro Manila.

The NEDA said that the project will strictly adhere to the country’s latest multi-hazard resilient design provisions, strategically integrating vulnerability reduction measures into its engineering design to ensure enhanced performance of recovered infrastructure in the face of future hazard occurrences.

It said that the project will be implemented from 2024 to 2029 and will benefit 13,101 classrooms across 1,282 schools nationwide, equivalent to 741,038 students.

Lastly, the NEDA announced the approval of the request for extension in the implementation period of the P8.41 billion LRT Line East Extension project.

While the project is already completed and is currently in full operation, the request for an extension intends to facilitate full disbursement to project contractors and consultants and ensure the quality of the project until the end of its defects liability period in December 2024.

“This series of approvals by the NEDA Board marks a significant step towards the country’s social and economic transformation. As the nation moves forward, the decisions made today will play a crucial role in shaping a more prosperous and sustainable future for the Philippines,” NEDA Secretary Arsenio M. Balisacan said.

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National Economic and Development Authority (NEDA) NEDA Board
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