The Department of Transportation (DOTr) is tapping multilateral lender Asian Development Bank (ADB) to fund more transport infrastructure projects.
In a news release Friday, Transportation Secretary Jaime Bautista said the agency would continue to tap the ADB to open “opportunities for equitable progress and growth for business, investment, tourism and employment.”
“To achieve this program, we [must] undertake initiatives that address connectivity and efficient mobility,” Bautista said at the 3rd DOTr-ADB Coordination Meeting.
Data shows that there are nine agreements between the DOTr and the ADB amounting to PHP1.2 trillion that will fund transport infrastructure projects from aviation, railways and road sectors.
Among the ADB-funded projects are the North-South Commuter Railway (NSCR), the MRT-4, the Davao Public Transport Modernization Project, the EDSA Greenways Project, as well as the multi-sectoral Infrastructure Preparation and Innovation Facility - Output 3.
The South Commuter Railway Project, which is part of the NSCR network, is ADB’s largest infrastructure financing in the Asia and Pacific region.
Meanwhile, the ADB has a total of 17 upcoming and ongoing contract packages with at least PHP187 billion in cost estimate.
Apart from funding, the DOTr also seeks the ADB’s technical assistance in terms of developing an all sectors lifecycle monitoring and evaluation framework, local tax experts and development of right-of-way acquisition manual for ADB-financed projects.
Bautista said the ADB-funded projects would help position the Philippines as a dynamic investment hub and an emerging gateway country to Asia.
“We are optimistic that the ADB would appreciate the investment prospects in the Philippines towards boosting the country’s economic growth and addressing the social needs of Filipinos,” Bautista said.
Article courtesy of the Philippine News Agency