The Investment Coordination Committee-Cabinet Committee said Friday it approved the P5.45-billion customs modernization project of the Bureau of Customs.
ICC considered the project a “revenue collection infrastructure project” that aims to improve the bureau’s efficiency and transparency by streamlining and upgrading its systems and procedures through the use of information and communications technology.
Of the total project cost of P5.45 billion, P4.6 billion or 84.5 percent is proposed for official development assistance financing through one of the multilateral agencies.
Members of the committee held a meeting Friday to discuss the progress of ICC- and NEDA Board-approved projects and the status of pipeline projects.
The committee said of the 100 projects under the Infrastructure Flagship Program, 46 of them are ongoing implementation, up from last year’s figure of 32 projects.
“Of the 100 projects, we expect a total of 50 projects to be completed by the end of 2022, but all the 100 projects will be started within the term of President Rodrigo Roa Duterte,” the committee said.