The National Economic and Development Authority (NEDA) board, chaired by President Bongbong Marcos, has approved the P23.4 billion Tarlac-Pangasinan-La Union Expressway (TPLEX) Extension project.
“This is the fastest unsolicited proposal approval, from its submission on March 17, 2023 to the approval today, June 2, 2023,” NEDA Secretary Arsenio Balisacan said in a briefing in Malacanang.
The 59.4-kilometer, four-lane extension highway will connect the Ilocos Region, Central Luzon, and Metro Manila.
Balisacan said it is expected to stimulate economic activity, alleviate road congestion, provide better and safer road access, and promote the development of new growth centers in nearby regions.
The TPLEX Extension Project will be implemented through a public-private partnership (PPP) under the Department of Public Works and Highways.
In addition, the NEDA board has officially endorsed the Investment Coordination Committee (ICC) Guidelines for Local Government Unit (LGU) Public-Private Partnership (PPP) projects. These guidelines establish the framework and procedures for reviewing and processing PPP proposals from LGUs that fall under the jurisdiction of the Philippine Build-Operate-Transfer law.
The board likewise acknowledged its previous endorsement ad referendum of the ICC’s approval for the Department of Agriculture’s Philippine Rural Development Project Scale-Up (PRDP) Scale-Up initiative.
Estimated to cost P45.01 billion, the PRDP Scale-Up aims to further enhance agricultural productivity, increase income opportunities, and improve the living conditions of rural communities throughout the country.
Balisacan said that out of the 194 infrastructure flagship projects, 68 are ongoing, 25 have been approved for implementation, nine are awaiting government approval, and the remaining projects are either in the process of project preparation or pre-project preparation.
“To recall, these high-impact infrastructure projects are designed to address the nation’s infrastructure deficit, thereby driving sustainable economic growth across priority sectors of our economy. In total, the IFPs have an estimated cost of P8.3 trillion,” Balisacan said.