NEDA-ICC approves revisions to project loans
The National Economic and Development Authority (NEDA) Board’s Investment Coordination Committee-Cabinet Committee (ICC-CabCom) approved the two-year extension of the loan validity of the Italian assistance to an agrarian reform project.
The Department of Agrarian Reform (DAR) proposed that the loan validity of the Italian assistance to its project, the Agrarian Reform Community Development Support Program, be extended from April 11, 2019 to April 11, 2021.
ICC-CabCom also gave the nod to DAR’s request to extend the implementation period of the said project from December 28, 2018 to December 28, 2020.
The project, which costs R2.62 billion, aims to increase and stabilize the income of agrarian reform beneficiaries (ARBs) in Sarangani, Sultan Kudarat, Maguindanao, and Lanao del Sur.
The project is also intended to improve the beneficiaries access to key services through support in infrastructure and agri-enterprise development, local capacity building, and project management. Meanwhile, the ICC-CabCom also approved during last week’s meeting the increase in supplemental loan for the New Bohol Airport Construction and Sustainable Environment Protection project of the Department of Transportation (DOTr) from R1.23 billion to R.18 billion.
The supplemental loan, to be sourced from the Japanese Government through the Japan International Cooperation Agency (JICA), will, among others, cover foreign exchange movements and price escalations in the construction works of the project and facilitate the start of commercial operations in October 2018.
The ongoing project with an approved cost of R7.77 billion involves the construction of an airport facility replacing the Tagbilaran airport.
The approved supplemental loan for the New Bohol Airport is for confirmation of the NEDA Board, chaired by President Rodrigo R. Duterte.
The ICC-CabCom, a Cabinet-level interagency committee, is chaired by Finance Secretary Carlos G. Dominguez and co-chaired by Socioeconomic Planning Secretary Ernesto M. Pernia.