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News Top Stories P41-b projects receive top priority
News Top Stories P41-b projects receive top priority
| P41-b projects receive top priority |
| Monday, 16 June 2008 12:13 | |||
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“These road and bridge programs plus the flood and hazard mitigation project for Bicol will boost the economic development of the areas where they will be implemented,” Mrs. Arroyo said. The President directed state agencies to cooperate with the Department of Public Works and Highways during a meeting with the National Economic and Development Authority board in Malacañang. Construction of infrastructure forms part of the administration’s major efforts to boost economic growth and offset the dampening effect of price spirals on consumer spending. The domestic economy, measured in terms of gross domestic product, grew by 5.2 percent in the first quarter. Two of the projects are the Road Enhancement and Asset Preservation Management Program and the President’s Bridge Program-Mega Bridges for Urban and Rural Development Project. These two projects, costing P28.29 billion and P10.73 billion, respectively, will be implemented by the Public Works Department. The third project is the P2.12-billion Flood and Hazard Mitigation Component of the Bicol River Basin and Watershed Management Project to be jointly undertaken by the DPWH and the Office of Civil Defense, the Mines and Geosciences Bureau of the Department of Environment and Natural Resources and the Philippine Atmospheric Geophysical and Astronomical Services Administration of the Department of Science and Technology. Funds for the road enhancement projects include a grant amounting to P97.6 million, a P14.43-billion loan from the Japan Bank for International Cooperation. The rest of the funding would come from general appropriations and the Motor Vehicles User’s Charge special funds. It will be implemented over a period of seven years from 2008 to 2014. The bridge program is funded by a mix of financing from the French government (P9.45 billion), and domestic counterpart (P1.28 billion). It involves the nationwide construction, installation and establishment of 10-girder type flyovers and 72 unibridges (“universal bridges”) or national bridges along the country’s congested highways and road networks. The project will be implemented over a four-year period from the second quarter of the year to 2012. The Bicol flood control project has four components, namely flood mitigation, hazard assessment, land acquisition and resettlement of those living within the project vicinity. It will be implemented over six years until 2013 and will be funded under the World Bank’s Bicol River Basin Project.
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