Connect with us

Hi, what are you looking for?


NEDA ICC approved 20 projects worth P832.056B in 2020

THE NATIONAL Economic and Development Authority (NEDA) Investment Coordination Committee (ICC) approved 20 projects worth P832.056 billion last year, adding that it hopes to end this year with an expanded project pipeline.

According to the agency’s annual report issued Wednesday, the NEDA ICC-Cabinet Committee (CabCom) cleared 18 new projects with a combined cost of P710.58 billion last year, which included changes in the cost and scope of certain projects.

It also approved proposed adjustments to two ongoing projects worth P121.5 billion.

Of the 18 new projects undergoing the approval process, the NEDA said three were returned for re-approval: the P8.79-billion EDSA Greenways Project and two programs concerning the government’s response to coronavirus disease 2019 (COVID-19) worth P71.5 billion.

The two COVID-19-related programs were adjusted to include additional funding for vaccine procurement.

Approved adjustments in ongoing projects include a request to extend the loan validity for mass transit systems in Metro Manila for another three years, and a proposal to increase the budget of the Davao City Bypass Construction Project to P20.96 billion, as well as its scope. 

By source of funds, 19 of the 20 approved projects were financed via through foreign loans or official development assistance. One was financed from budget funds.

Proposed projects have to undergo initial assessment by NEDA’s ICC technical board, followed by a review by the ICC-CabCom, before these get to the NEDA Board, chaired by President Rodrigo R. Duterte, for final approval.

NEDA said it conducted 11 ICC technical board meetings and one ICC-CabCom meeting last year.

This year, NEDA ICC-CabCom will be reviewing 17 more infrastructure and other development projects worth P394.96 billion, while 26 projects worth P1.387 trillion will be reviewed by the NEDA ICC technical board.

The NEDA Board has approved 92 projects worth P3.87 trillion between July 2016 and May 2021.

The government promised to deliver P8 trillion worth of infrastructure projects under its flagship Build, Build, Build infrastructure program.

Government spending on infrastructure rose 45% from a year earlier to P58.2 billion in April, bringing the year-to-date total to P253.4 billion, up 29%.

The government plans to spend P1.02 trillion on infrastructure this year. — 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!



Lowering VAT charges on fuel may be politically attractive but is not good news for those who will struggle the most, say leading tax...


An estimated 3 per cent of the workforce was signed off in late December and a fifth of businesses reported increased cancellations amid the...


Mark Zuckerberg could be forced to pay most British Facebook users about £50 each if a landmark legal action alleging that the site abused...


France has reopened its borders to British tourists after ministers in Paris eased restrictions on non-essential travel. From this morning, Britons travelling to the...


People struck down with the Omicron variant of the coronavirus are buying so much paracetamol that supplies are running low in many shops. Official...


Covid Passports are to be abandoned within days after Sajid Javid effectively killed off the policy. The health secretary has concluded that Covid-19 certification...

You May Also Like


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


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...


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


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Disclaimer:, 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.