DOF seeks fast-track NEDA approval of ODA projects
The Investment Coordination Committee-Cabinet Committee (ICC-CC) will recommend to the National Economic and Development Authority (NEDA) Board the further streamlining of the approval process for big-ticket projects funded by development partners.
In a statement, Finance Secretary Carlos G. Dominguez III said they will introduce the “3-in-1” approach where processes before a project gets funding from official development assistance (ODA) will be reduced from four to eight weeks to just one NEDA Board meeting.
“Our goal here is to speed up the approval and implementation of our flagship infra projects so that we can get shovels on the ground as soon as possible,” said Dominguez, who is also the chairman of the ICC-CC.
Under the “3-in-1” process, the issuance of the Special Presidential Authority (SPA) to government officials to negotiate and sign the loan, guarantee or grant agreement; and the Forward Obligational Authority by the Budget department would be issued simultaneously during a single NEDA Board meeting.
“We are really tightening up the procedures to speed up the processing of our projects,” Dominguez said.
The finance chief said the “3-in-1” process is among the steps taken by the Duterte administration to significantly improve the absorptive capacity of government agencies, particularly those involved in the “Build, Build, Build” infrastructure program.
Dominguez also said that besides the “3-in-1” process, the Duterte administration is also undertaking other measures to ensure that big-ticket infrastructure projects are implemented properly and on schedule.
He pointed out, for instance, that the “Build, Build, Build” team of which the Department of Finance (DOF) is a member, meets once every 10 days to monitor the progress of the flagship infra projects.
Dominguez said he has also ensured that the DOF is a member of the project management teams that would be organized by the various Cabinet departments and agencies so that “we can monitor the spending and implementation of the projects.”
“Moreover, together with Finance Undersecretary Gil Beltran, we are working on several anti-red tape procedures without removing the necessary checks and balances on these projects,” Dominguez said.
The finance chief said the ICC-CC had approved the “3-in-1” process during its meeting last August 11.
Dominguez said that the usual process is for the NEDA Board to approve a project and then wait for another NEDA Board meeting to act on the other requirements necessary to get the loan or grant agreement for the project signed.