The rollout of the country’s first underground railway system moved a step closer after economic managers approved on Friday the increase in the cost of the Metro Manila Subway project.
Socioeconomic Planning Secretary and National Economic and Development Authority chief Ernesto M. Pernia said the project cost of the first phase of the subway was raised by P1.38 billion to P356.96 billion from P355.59 billion previously.
The adjustment in project cost was approved during the Neda Investment Coordination Committee-Cabinet Committee (ICC CabCom) meeting.
In a text message, Neda Undersecretary Rolando G. Tungpalan said the 0.36-percent hike in project cost “included relocation of utilities not considered earlier.”
The increase, he said, reflected an appraisal by the Japan International Cooperation Agency.
Last week, Tungpalan said the Department of Transportation will start next year the implementation of the Metro Manila Subway Project (Phase 1), a 25.3-kilometer underground rail that would connect Quezon City and Taguig City and extend to the Ninoy Aquino International Airport.
The subway, to be financed by the Japanese government, would be completed by 2027, he said.
The Department of Finance earlier said the Philippine government was set to sign this month with Japan the loan agreement covering the first tranche of financing for the subway project.
Read more: https://business.inquirer.net/244859/govt-oks-higher-cost-metro-subway-project#ixzz55ORulKhb
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Socioeconomic Planning Secretary and National Economic and Development Authority chief Ernesto M. Pernia said the project cost of the first phase of the subway was raised by P1.38 billion to P356.96 billion from P355.59 billion previously.
The adjustment in project cost was approved during the Neda Investment Coordination Committee-Cabinet Committee (ICC CabCom) meeting.
In a text message, Neda Undersecretary Rolando G. Tungpalan said the 0.36-percent hike in project cost “included relocation of utilities not considered earlier.”
The increase, he said, reflected an appraisal by the Japan International Cooperation Agency.
Last week, Tungpalan said the Department of Transportation will start next year the implementation of the Metro Manila Subway Project (Phase 1), a 25.3-kilometer underground rail that would connect Quezon City and Taguig City and extend to the Ninoy Aquino International Airport.
The subway, to be financed by the Japanese government, would be completed by 2027, he said.
The Department of Finance earlier said the Philippine government was set to sign this month with Japan the loan agreement covering the first tranche of financing for the subway project.
Read more: https://business.inquirer.net/244859/govt-oks-higher-cost-metro-subway-project#ixzz55ORulKhb
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
