Updated:2024-11-06 04:16 Views:84
| PHOTO: Screengrabbed from Bongbong Marcos’ Facebook live
MANILA, Philippines — The National Economic Development Authority (Neda) board, chaired by President Ferdinand Marcos Jr., has approved the extension of the construction period and other adjustments for the Cavite Industrial Area-Flood Risk Management Project and the Pasig-Marikina River Channel Improvement Project-Phase IV.
The board approved the adjustments during a meeting at Malacañang on Tuesday.
Article continues after this advertisementREAD: You’re not food poor if you spend at least P64 daily for meals – Neda
FEATURED STORIES NEWSINFO Pagasa releases 11 pm update on Typhoon Marce NEWSINFO Typhoon Marce expected to intensify before landfall Thursday NEWSINFO SC fines Antipolo judge for delaying to resolve a case“I think maybe the detailed engineering had to compensate for weather changes. And then the housing, wala ‘yung housing sa original estimate [housing is not included in the original estimate],” Marcos said in the meeting, as quoted by the Presidential Communications Office in a statement.
“The cost will be increased. At least the local component will be increased from the original. That’s the only thing that sticks out on the financial analysis. But it’s still within the guidelines,” he added.
Article continues after this advertisementThe implementation period for the Cavite Industrial Area-Flood Risk Management Project was originally set from October 2019 to April 2024, but the board approved a 65-month extension, extending it to September 2029.
Article continues after this advertisementIt is targeted to mitigate flood damage in the lower reach of San Juan River Basin and its adjacent Maalimango Creek Drainage Area in Cavite.
Article continues after this advertisementThe extension has increased the project budget from P9.9 billion to P22 billion.
Another adjustment was a loan reallocation of JPY 1,042.00 million, moving JPY 384.00 million from consulting services and the rest from contingencies.
Article continues after this advertisementMoreover, there will also be changes in the scope of works—widening of diversion channels and additional drainage channels, among others.
READ: Neda seeks P13.21-billion budget for 2025
The Neda board said that as of September 30 this year, the project has an overall physical accomplishment of 44.21 percent, with negative slippage of 55.79 percent.
It also has a fund utilization rate of 35.42 percent, or P3.5 billion already disbursed.
Meanwhile, the other project—Pasig-Marikina River Channel Improvement Project-Phase IV—is aimed at lessening the flood damage in Metro Manila caused by channel overflow of the Pasig-Marikina River.
It will particularly benefit residents in Pasig, Marikina, and Quezon City in Metro Manila, as well as those in the municipalities of Taytay and Cainta in Rizal.
The Neda Board approved a budget increase from P33 billion to P57.6 billion.
The project was also granted a 63-month extension, from December 2025 to March 2031.
READ: You’re not food poor if you spend at least P64 daily for meals – Neda
It will also have amendments in scope of work such as the design of the Middle Marikina River, modifications in drainage facilities, and additional work.
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Furthermore, a loan reallocation totaling JPY3,373.00 million from consulting services (JPY1,728.00 million) and contingencies (JPY1,645.00 million) to the civil works component was also approvedkabibe game, which includes a supplemental loan of JPY45,759.00 million.
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