Neda approves P270B worth of infra, agri projects

The National Economic and Development Authority (Neda) board has given the green light to P270-billion worth of new infrastructure and agriculture projects, and likewise approved new guidelines for the thorough screening of China-assisted projects, the government said on Tuesday.

The approval of new projects brings to nearly P500 billion the Neda board’s approved projects in the first five months of the Duterte administration, Malacañang said.

The seven newly approved projects are: the south line of the North-South Railway Project; the scaling up of the Second Cordillera Highland Agricultural Resource Management Project; the expansion of the Philippine Rural Development Project; the widening of the General Luis Road from Quezon City to Valenzuela; the New Cebu International Port; Stage 2 of the Malitubog-Maridagao Irrigation Project; and the New Nayong Pilipino at Entertainment City.

In September, the Neda board approved nine projects worth P171.14 billion.

The guidelines of Neda’s Investment Coordination Committee (ICC) for processing China-backed projects were tackled during a board meeting on Monday, according to the President’s spokesperson, Ernesto Abella.

Suppliers should be of “good standing” and the contracts must be favorable to the government, the guidelines said.

The source of financing for pre-investment studies must also be free of ties to any particular country, technology, or lender.

The President earlier agreed to designate Neda’s ICC as the focal point of the management of the Philippine’s relationship with China. The ICC would be tasked with vetting business deals with China.

This came about following reports that the Philippines signed memorandums of understanding for the conduct of feasibility studies on infrastructure projects with Chinese firms that were blacklisted by the World Bank.