August 12, 2024 | 12:00am
MANILA, Philippines — The National Economic and Development Authority (NEDA) has proposed 21 projects with an initial cost estimate of P2.126 trillion that the US and Japanese governments may consider to support for the development of the Luzon economic corridor.
NEDA, together with the Department of Transportation, presented 21 projects that may be considered for financing and support during the steering committee meeting for the Luzon economic corridor last May, NEDA Undersecretary Joseph Capuno said in a briefing.
Of the 21 projects, he said 12 have a combined cost estimate of P2.126 trillion, while the cost of the nine other projects have yet to be determined.
The proposed projects are the Central Luzon Link Expressway or CLLEX Phase II, NSCR (North-South Commuter Railway) System New Clark City Extension, ICT infrastructure in New Clark City, New Clark City Industrial Estate, Clark International Airport Infrastructure Expansion Phase I and Phase II, Clark Urban Transport System, National Food Storage Terminal, Subic Bay Bridge Project, Bataan-Cavite Interlink Bridge, Laguna Lakeshore Road Network Development Phase 1, Luzon Bypass Infrastructure Project, Poro Point Seaport Modernization, Kalaanan Irrigation, North Luzon East Expressway, Central Luzon Bus Rapid Transit, Subic-Clark-Manila-Batangas Railway, Manila Bay-Pasig River-Laguna Lake Ferry System, Calamba-Batangas Railway and Southern Batangas Airport.
Capuno said the proposed projects would be discussed again in the next steering committee meeting to be conducted either this month or next month.
“Definitely this quarter, there’s going to be a meeting of the steering committee where they, I think, finalize which projects to be prioritized under that tri-country agreement,” he said.
The Luzon Economic Corridor is being developed by the Philippines with the US and Japan, following the Trilateral Leaders’ Summit of the three countries held last April.
It also forms part of the Partnership for Global Infrastructure and Investment, an initiative of the Group of Seven or G7 to advance public and private investments in sustainable, inclusive, resilient and quality infrastructure.
NEDA Secretary Arsenio Balisacan said the projects that would become part of development of the Luzon economic corridor could get another source of funds and be implemented faster, based on readiness.
He said the projects can also help attract investments from US and Japanese firms in the Luzon economic corridor.
“They are also looking at their private sector investing into this corridor. That’s why it is in the interest of the government to invest into those infrastructure [projects] because their private sector will invest in those sectors,” he said.
He said Japanese firms, for example, are keen on expanding in Batangas because they already have operations there and want to concentrate in that area.
“There will be economies of scope, economies of scale in one place especially if these are supported with adequate infrastructure,” he said.
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