Friday, 23 January 2009

Philippines approves P10-billion PTV-4 rehab, bridge projects

The Manila Bulletin

Two projects worth P10 billion got the go-signal from the National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CC).

The approved projects were the immediate rehabilitation the People’s Television Network, Inc. (PTV-4) and the upgrading of bridges.

Aiming to modernize the analog broadcast facilities and equipment of PTV-4 and strengthen its efficiency and effectiveness as an integral and critical part of the government’s information system, the rehabilitation of the network is estimated to cost P470 million.

About 85 percent of the funding would be sourced from the US Export-Import (EXIM) Bank with London Forfaiting Americas, Inc. (LFAI) as lender. LFAI shall finance the remaining 15 percent.

On the other hand, the bridge project of the Department of Public Works and Highways (DPWH) involves constructing permanent bridges and replacing temporary bridges, all totaling 242 along national roads nationwide.

Of the P9.6 billion bridge project, about P8.3 billion shall be financed by the United Kingdom and about P1.31 billion shall be provided by the Philippine government.

NEDA has also approved the Iloilo Flood Control Project Phase 2 (Stage 1) and its change in scope and cost increase of P1.68 billion. The project aims to mitigate flood damage to create a more sustainable urban community in Iloilo.

The change in scope of works was approved to avoid further delays in the completion of the project due to right-of-way (ROW) problems.

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