Gov’t fast-tracks infra projects’ approval

Infrastructure projects worth R5 billion ($107.5 million) and less will no longer require the economic planning agency’s go-ahead, the government said, a change that it hopes will quicken the approval process. The Philippines the fastest-growing economy in Asia, is overhauling its notoriously creaky infrastructure with new roads, bridges, airports, and trains. “We are ramping (up) infrastructure investment in the other regions without, of course, stifling needed infrastructure projects in Metro Manila,” Ernesto Pernia, director general of the National Economic and Development Authority, said. Infrastructure projects that cost 5 billion pesos and lower, up from the previous level of 1 billion pesos, will be rolled out more quickly. (Reuters)