The National Economic and Development Authority Investment Coordination Committee–Cabinet Committee approved the new project configuration for the Unified Grand Central Station of Light Rail Transit Line 1, Metro Rail Transit Line 3 and the planned MRT 7.
Neda said in a statement the ICC-Cabinet Committee also approved the scope revision of another transport project, the change in financing mode of one irrigation project and a water supply project. It endorsed the approval of a new cost threshold for projects for ICC review and approval.
Neda said the LRT Line 1 North Extension Project-Common Station or the Unified Grand Central Station (North Extension Project) would now cost P2.8 billion, inclusive of the P1.4 billion in the Department of Transportation’s 2017 budget.
“The project’s new physical configuration includes dual tracks for LRT-1, MRT-3, and MRT-7, and a total concourse area of 13,700 square meters. The project is targeted to be delivered by April 2019 [assuming there will be no needless further delays],” Neda said.
Business groups earlier asked the government for the “expeditious completion” of the common train station at the intersection of Edsa and North Avenue in Quezon City.
The House committee on transportation, however, asked the Department of Transportation and the Light Rail Transit Authority to review and rectify what it called “onerous” provisions of the memorandum of agreement on the P2.8-billion rail station project.
Meanwhile, the ICC-CC also approved the proposed loan extension and fund reallocation for the New Communications, Navigation and Surveillance/Air Traffic Management Systems Development Project.
“The proposed project revision includes a loan extension of two years and six months. It will also reallocate the P570.38 million-portion of the project cost to construction and procurement, consulting services, administration costs, VAT and duties and taxes from the local counterpart contingency,” it said.
The committee also approved the change of the financing mode for the Chico River Pump Irrigation Project from national government funding to official development assistance.
It also supported to change the financing mode from public-private-partnership scheme to ODA for the New Centennial Water Source-Kaliwa Dam Project and the North-South Railway Project-South Line, which were originally approved by the Neda board in September 2015 and February 2016, respectively.
It also set the new project cost threshold for ICC review and approval at P2.5 billion.
“Major capital projects costing at least P2.5 billion shall require ICC approval, except as otherwise provided by law. However, projects costing below P2.5 billion will still need certification that the project is consistent with the Philippine Development Plan/Results Matrices/Public Investment Program and the implementing agency’s mandate, as well as the performance indicators approved by the Department of Budget and Management, among other requirements,” it said.