$424.81-M eyed to fund expressway project: agency

THE NATIONAL government is expected to borrow $424.81 million from the Chinese government for the establishment of expressway in the city, the Department of Finance (DOF) bared.

 In a statement released yesterday, the DOF said the Davao expressway is currently under feasibility study. This would require processing by the Investment Coordination Committee, a committee under the National Economic and Development Authority Board, to determine the final project cost.

 The project is among those that the Philippines and China agreed to line up for loans, according to the department’s International Finance Group (IFG).

 “The IFG said the agreements for several of these projects are set to be signed between officials of the two governments during the Philippines-China bilateral meetings to be held on the sidelines of the ASEAN + 3 (China, Japan, Korea) Summit this week,” DOF said.

 On Sept. 5, the officials of Department of Public Works and Highways (DPWH) and Embassy of China in the Philippines Economic and Commercial signed the minutes of discussion for the grant deal that would send a team of experts for the conduct of feasibility study of the Davao expressway project.

 The project proposal is for a 23.3-kilometer expressway.

 “The DPWH and Chinese Project Team will be working together for the prompt realization of a comprehensive feasibility study so that we may soon reap the thousand fold socio-economic benefits of this expressway,” Public Works and Highways Secretary Mark Villar said in a statement.

 The feasibility study, the DPWH reported, includes socioeconomic and economic analysis; environmental impact assessment; social impact assessment; engineering geological survey; topographical survey; evaluation of project site seismic safety; hydrological analysis.

 The project will be implemented in three phases starting from Leon Garcia St. in Agdao to Diversion near Catalunan Grande.

 “When completed, the expressway is expected to decongest traffic in Davao City, ease access to Sta. Ana Port and other suburban areas, and complement proposed high-standard highway projects for Mindanao,” DPWH said.

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