P6.2B ADB-funded roadwork gets Neda’s nod

MANILA, Philippines—The National Economic and Development Authority’s investment coordination committee-Cabinet committee has approved the first tranche of a P6.2-billion program for the improvement and maintenance of national roads.

Also, the Neda agreed to assist the Autonomous Region in Muslim Mindanao by extending a P1.28-billion loan to fund anti-poverty programs in the region.

In a statement, Neda said the Road Sector Institutional Development and Investment Program (RSIDIP) would be financed by the Asian Development Bank and implemented by the Department of Public Works and Highways.

The first phase of RSIDIP is expected to generate about 5,600 new jobs.

Also, a loan from the Japan International Cooperation Agency, which was supposed to lapse this April, has been extended. The loan will be used for the ARMM’s Social Fund Project (ASFP).

Neda said the 20-month ASFP extension will not entail additional costs.

The ASFP will be tapped to finance small-scale social and economic infrastructure such as schoolbuildings, warehouses, and multi-trade centers.

Likewise, the Neda committee reduced the loan amount of a wastewater program for Metro Manila from $500 million to $275 million.

The Land Bank of the Philippines will borrow the amount from World Bank, which will then be lent to the Manila Water Company Inc. and Maynilad Water Services Inc.

The Metro Manila Wastewater Management Project is meant to improve wastewater services in Metro Manila.