Connect with us

Hi, what are you looking for?

Economy

Big-ticket project list up for revision by year’s end

COURTESY OF DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS

THE government’s flagship infrastructure project list — big-ticket priority works undertaken via the “Build, Build, Build” program — will be revised by year’s end to favor those more likely to make significant progress, based on projected construction timetables and funding availability, according to the National Economic and Development Authority (NEDA).

In a briefing Thursday, NEDA Undersecretary Jonathan L. Uy said the list of 104 infrastructure projects are under reviewed to check for their readiness for implementation. He added that the new list might be ready before the year ends.

“We are now recalibrating the 104 infrastructure flagship projects. I hope by the end of this year we will have finalized a list, it would appear that we are now (at) about 100 projects (with) some additional ones we proposed for this particular update,” according to Mr. Uy, who also heads NEDA’s investment programming group.

“The important point is work (and) procurement (are) continuing… the disbursements are a bit late, and the extension of the 2020 budget to 2021 will ensure that all of these expenditures may be ramped up,” he added.

The government has revamped the list several times after identifying an initial 75 in mid-2019. The government has been prioritizing so-called “shovel-ready” projects as its time in office runs out, and also as a means of injecting money more rapidly into the economy to help it recover.

The overall program is estimated to cost P4.13 trillion, funded via foreign loans or aid, public-private partnerships, and budget funds.

Currently, 26 of the 104 priority projects are in the approval stages and are being reassessed for whether they can be substantially started or completed within the administration’s term, NEDA Acting Secretary Karl Kendrick T. Chua said at the briefing.

“If they will be able to go through the approval and final preparation process in the next few weeks, then they will remain. If they will not be achieving those objectives, then they may be parked, but we are also considering a number of other projects,” Mr. Chua said.

“We are constantly reviewing the list and it is likely that our further review will include some of the major flood-control projects as addition because of our recent experience (with typhoons),” he added.

Details on the specific projects dropped or included in the updated list were not provided during the briefing.

Infrastructure spending hit P508.5 billion in the 10 months to October, down 18.4% year on year, according to the Department of Budget and Management (DBM). In October, infrastructure and other capital outlays fell 30.6% to P57.1 billion.

Mr. Chua attributed the lower spending to the year-earlier base, at a time when the government was implementing a catch-up spending plan in the second half.

He said construction works are also continuing to face delays due to the disruptions caused by the late-year typhoons, as well as the dearth of transport for construction workers.

The government’s economic team early this month increased its expenditure target for infrastructure by 5% to P825 billion in 2020 from the reduced target in July. Despite the increase, this is still 16.6% lower than the original P989-billion pre-pandemic spending goal.

Capital outlays in the 10 months, which include equity injected into state-owned firms and transfers to local governments for their infrastructure projects, were down 11.8% year on year to P663.2 billion. The tally accounts for 80% of the P825-billion target for the year.

The DBM remained optimistic that the government can hit its revised target this year to help the economy recover faster from the recession. — Beatrice M. Laforga

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Diego Gabriel C. Robles THE Philippine economy expanded by 7.4% in the second quarter — slower than expected — as rising inflation weighed...

Economy

By Abigail Marie P. Yraola, Researcher THE Philippines’ merchandise trade deficit hit another record in June as imports continued to outpace exports despite a...

Economy

THE National Government’s (NG) outstanding debt as a share of the gross domestic product (GDP) eased to 62.1% at the end of June. Data...

Economy

By Keisha B. Ta-asan SOURED LOANS held by Philippine banks fell for a fourth straight month in June, bringing the nonperforming loan (NPL) ratio...

Economy

Smart says third telco player’s PCC complaint meant to avoid liability By Arjay L. Balinbin, Senior Reporter GLOBE Telecom, Inc. on Tuesday said it...

Economy

DMCI Holdings, Inc. reported on Tuesday that its second-quarter consolidated net income went up by 73% to P9.03 billion from P5.23 billion, driven by...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Investing

Instagram still holds the top spot for social media in terms of building brand reputation and expanding business potential. Every day, more and more...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.