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Philippines passes $1.43 billion worth of projects

Staff writer |
The Philippine government approved seven projects that seek to further spur economic development in key growth areas and to boost capability of the local government units (LGUs).

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Presidential Communications Operations Office Secretary Herminio Coloma Jr. said the projects with a total cost of 63.5 billion pesos ($1.43 billion) include two road improvement programs, an irrigation, a dam, extension of an existing light railway system in Metro Manila, acquisition of firetrucks, and investment program for LGUs.

The projects will be financed through loans from multilateral agencies and foreign governments and through the Philippine government's own budget, he said.

The proposed projects were approved during the 17th National Economic and Development Authority (NEDA) Board meeting, which President Benigno S. Aquino III presided over in Malacanang and attended by his Cabinet officials.

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