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NEWS UPDATES 8 October 2010

Philippines moves on infrastructure

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The Philippines government will offer 33 infrastructure projects for public-private partnership (PPP) in a road show next month.

A source from the National Economic and Development Authority (NEDA) said the indicative cost for the 33 projects would hit P314.34 billion.

The documents from the NEDA showed that projects under the Department of Transportation and Communications would require P87.29 billion, while those under the Departments of Public Woks and Highways and of Agriculture would need P 188.05 billion and P39 billion, respectively.

The government earlier identified the priority projects up for grabs to include the following: the P70 billion Metro Rail Transit (MRT)/Light Rail Transit expansion project, the P11.3 billion MRT Line 2 Extension, the P7.54 billion New Bohol Airport, the P4.36 billion Puerto Princesa Airport, the P21 billion

North Luzon Expressway-South Luzon Expressway Link Expressway, the P10.5 billion CALA Expressway- Manila side section, and the P3.08 billion Daraga International Airport.

Other priority projects identified earlier were the Development of City Terminal for Diosdado Maca-pagal International Airport, the privatization of Laguindingan Airport Operation and Maintenance, and the Supply of Treated Bulk Water for Metro Manila, the costs of which have yet to be determined.

In a statement, the Philippine Chamber of Commerce and Industry (PCCI) said it has secured funding from the US Export-Import Bank under the Asean-US Trade and Investment Facilitation Agreement.

"This development would jumpstart the establishment of a trade finance facility that could facilitate the growth of businesses and industries in the country," Francis Chua, PCCI president, said.

"PCCI will pursue the program with multilateral financing institutions in support of the PPP initiative of President Aquino," he added.

The government will launch its PPP thrust in a forum on November 18.

The NEDA had estimated that the government's PPP initiative would require up to P739.78 billion in investments.

Earlier, multilateral and private institutions like World Bank and Metro Pacific Investment Corp. expressed interest in the government's PPP.

Socioeconomic Planning Secretary and NEDA Director General Cayetano Paderanga had said the government's PPP thrust is expected to boost the economy and the country's investment rate.

The economy grew by 7.9 percent in the first six months of the year, making it the fastest six-month growth since 1998, when the Philippine economy expanded 9.3 percent.

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