The Investment Coordination Committee-Cabinet Committee (ICC-CabCom) of the National Economic and Development Authority (NEDA) has approved the P57.6-billion Subic-Clark Railway Project connecting Subic Bay and the Clark Freeport Zones.
The rail line will provide freight connection between Subic Bay and the Clark to address the infrastructure needs for a freight railway system in Luzon.
It will link Subic Port with Clark International Airport and other major economic hubs in Central Luzon such as the planned New Clark City.
“This joint project of the Department of Transportation (DOTr) and the Bases Conversion Development Authority (BCDA) is one of the Duterte administration’s 75 flagship projects,” NEDA said.
The initial stages of the project— conceptualization and feasibility studies—started in October 2016. It is targeted to be completed in April 2021, according to the government’s Build, Build, Build website.
It was approved on Friday, January 26, NEDA said in a statement Monday. The project is now up for approval of the NEDA Board headed by President Rodrigo Duterte.
The ICC-CabCom also approved a higher cost for the Metro Manila Subway Project (MMSP)-Phase I at P356.96 billion or P1.375 billion more than the earlier estimate of P355.58 billion.
“The increase in the project cost of the MMSP was based on the appraisal of the Japan International Cooperation Agency (JICA), which will finance the said project through an Office Development Assistance (ODA) loan package,” NEDA said.
The Mega Manila Subway is a 25-kilometer underground mass transportation system connecting the major business districts and government centers in the metropolis.
The government plans to spend over P8 trillion until 2022 on the golden age of infrastructure, largely funded by tax revenue.
This year alone, the Philippines plans to roll out 76 big-ticket projects cumulatively valued at $35.5 billion or P1.1 trillion. (Jon Viktor Cabuenas/VDS, GMA News)
http://www.gmanetwork.com/news/money/economy/641386/neda-panel-gives-subic-clark-railway-project-the-green-light/story/
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