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NEDA OKs Php4.8-B construction of Bicol International Airport

The National Economic and Development Authority (NEDA) Board approved the Php 4.8-billion construction of a new domestic terminal with international standards at the Bicol International Airport during its first meeting on Wednesday.

Apart from this, it also okayed the Php 10.2-billion Inclusive Partnership for Agricultural Competitiveness (IPAC) of the Department of Agriculture (DA); Php 2.4-billion modernization of the Eastern Visayas Regional Medical Center (EVRMC); the Php 2.2-billion Gov. Celestial Gallares Memorial Hospital; and the hike in project cost for a change in the scope of the New Bohol Airport Construction and Sustainable Environment Project from Php 7.4 billion to Php 7.8 billion.

The acquisition of new vessels for the Philippine Coast Guard (PCG), under the Maritime Safety Capability Improvement Project, which has an estimated cost of PHP8 billion, was also approved.

"Once implemented and completed, these approved projects will help attain our medium- and long-term development goals of making the agricultural sector competitive, improving mobility by making our transport system safer and more efficient, increasing disaster resiliency, and improving health services," Socioeconomic Planning Secretary Ernesto M. Pernia said.

NEDA said the Board also approved new policies including the updating of economic hurdle rate from 15 percent to 10 percent "due to improved Philippine economic conditions"; and the rise in Investment Coordination Committees (ICC) project cost floor to Php 5 billion from Php 1 billion "to declog the pipeline of projects for ICC approval and to promote greater decision flexibility and accountability of line departments in implementing their priority projects." (With report from PNA)


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