NEDA OKs loan extension for 2 Visayas infra projects
By Czeriza Valencia (The Philippine Star)
Updated December 14, 2017 – 12:00am
http://www.philstar.com/
Updated December 14, 2017 – 12:00am
http://www.philstar.com/
MANILA, Philippines — The National Economic and Development Authority (NEDA) has approved the extension of the loan validity and construction period for a coastal road and irrigation project in the Visayas to cope with delays attributed to procurement and security issues.
NEDA’s Investment Coordination Committee-Cabinet Committee (ICC-CabCom), co-chaired by the Department of Finance, approved recently the request of the Department of Public Works and Highways to extend by 24 months the loan validity for the P1.03-billion Korean-assisted Samar Pacific Coastal Project. Also approved were changes to the project scope and construction period.
The 109.3-kilometer road under the Arterial Road Network would link towns facing the Pacific and complete the circumferential loop for Samar Island. The loan validity has been extended to Jan. 17, 2020 from Jan. 18, 2018, while the implementation schedule has been revised from January 2018 to December 2019.
ICC-CabCom has also approved the request of the National Irrigation Administration to extend by 46 months the validity of the loan for the second stage of implementation of the Jalaur River Multi-purpose Project which is also supported by Korea.
Summary
Article Name
NEDA OKs loan extension for 2 Visayas infra projects
Description
MANILA, Philippines — The National Economic and Development Authority (NEDA) has approved the extension of the loan validity and construction period for a coastal road and irrigation project in the Visayas to cope with delays attributed to procurement and security issues.
