THE Mega Manila Subway is expected to cost more than initially expected as the government wants to complete the project by the end of President Duterte’s term, the National Economic and Development Authority (Neda) said.
Socioeconomic Planning Secretary Ernesto M. Pernia said the project may now cost anywhere between $6 billion and $8 billion, from the initial estimate of $4.4 billion.
“The Department of Transportation [DOTr] wants to accelerate the completion from 2024 to 2022,” Pernia recently told reporters. “Therefore, the cost will go up.”
Pernia said the project is still pending at the Neda Board for approval. The feasibility study for the project was conducted with the help of a grant from the Japan International Cooperation Agency.
Earlier, Pernia said the Mega Manila Subway will be included in the list of projects to be discussed in the next Neda Board meeting slated in September.
Pernia said this approval would be in time for the signing of the agreement between the Japanese and Philippine governments in November.
The Neda secretary said Japan Prime Minister Shinzo Abe will be coming to the Philippines in November to attend the Asean meetings.
The Mega Manila Subway is in the list of 75 flagship projects of the Duterte administration. It is estimated the projects will cost at least P1.58 trillion.
Of the 75 projects, only 53 have cost estimates.
http://www.businessmirror.com.ph/cost-of-mega-manila-subway-to-reach-6-billion-8-billion-if-built-now/
Socioeconomic Planning Secretary Ernesto M. Pernia said the project may now cost anywhere between $6 billion and $8 billion, from the initial estimate of $4.4 billion.
“The Department of Transportation [DOTr] wants to accelerate the completion from 2024 to 2022,” Pernia recently told reporters. “Therefore, the cost will go up.”
Pernia said the project is still pending at the Neda Board for approval. The feasibility study for the project was conducted with the help of a grant from the Japan International Cooperation Agency.
Earlier, Pernia said the Mega Manila Subway will be included in the list of projects to be discussed in the next Neda Board meeting slated in September.
Pernia said this approval would be in time for the signing of the agreement between the Japanese and Philippine governments in November.
The Neda secretary said Japan Prime Minister Shinzo Abe will be coming to the Philippines in November to attend the Asean meetings.
The Mega Manila Subway is in the list of 75 flagship projects of the Duterte administration. It is estimated the projects will cost at least P1.58 trillion.
Of the 75 projects, only 53 have cost estimates.
http://www.businessmirror.com.ph/cost-of-mega-manila-subway-to-reach-6-billion-8-billion-if-built-now/
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