Business and Economy
Loan validity for Visayas projects extended
FILE: (ShutterStock image)
MANILA — The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom) has approved the extension of the loan validity and the construction period of road and dam projects in the Visayas region.
It gave the green light to the request of the Department of Public Works and Highways (DPWH) to extend by 24 months the validity of the loan for the Korean loan-assisted Samar Pacific Coastal Project on the need to recoup the time lost due to procurement delays and security issues.
DPWH has asked for the extension from Jan. 18, 2018 to Jan. 17, 2020, and the implementation duration and schedule to be revised to January 2018 to December 2019 for the remaining works.
The PHP1.03-billion Samar Pacific Coastal Road is a 109.3-km. road under the Arterial Road Network, which will link towns facing the Pacific and eventually complete the circumferential loop for Samar Island.
The ICC-CabCom also approved the request of the National Irrigation Administration (NIA) to extend by 46 months the validity of the loan for the second stage of another Korean-assisted project, the Jalaur River Multi-Purpose Project (JRMP).
The loan validity for the project was extended from May 28, 2018 to March 28, 2022. The new project completion schedule was also extended from Nov. 28, 2017 to Sept. 28, 2021.
The PHP11.21-billion JRMP involves the construction of dam and irrigation facilities, including a high dam and reservoir with afterbay and catch dams in Iloilo and its neighboring towns. (PNA)
