Philippine President Benigno Aquino approved the rollout of an additional 130.65 billion pesos (USD 2.8 billion) of infrastructure projects, including the upgrade of ageing airports and mass railway transport systems.
The National Economic Development Authority Board, an inter-agency body led by Aquino, approved four projects. Two of them will be bid out under the public-private partnership (PPP) mechanism, while the rest will be partly funded through loans from multilateral agencies.
The government will tender the 50.15 billion-peso light rail transit (LRT), USD 1 billion, Line 4, and the 64 billion-peso LRT Line 6, said transport spokesman Michael Arthur Sagcal.
The foreign-assisted projects are the 3.5 billion-peso (USD 1.4 billion) redesign of the Naga Airport in central Philippines, and a new 13 billion-peso (USD 277 million) passenger terminal building at Clark International Airport new north of Manila.
The Philippines, one of Asia’s fastest-growing economies, needs US$127 billion in infrastructure investments from 2010 to 2020, according to a study of Manila-based Asian Development Bank released in 2010, Reuters informs.
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