The National Economic and Development Authority (NEDA) Investment Coordination Committee-Cabinet Committee (ICC-CabCom) approved the project providing rail connection between Subic Bay and Clark Freeport Zone.
The Subic-Clark Project is a joint project of Department of Transportation (DOTr) and the Bases Conversion Development Authority (BCDA).
The Cabinet-level meeting was co-chaired by Finance Secretary Carlos Dominguez III and Socioeconomic Planning Secretary Ernesto M. Pernia on Friday at Bangko Sentral ng Pilipinas.
The said project, with 71.13-kilometer rail connection, aims to provide high economic returns, and support industrial activities and demand for freight services along the Subic-Clark corridor.
It is also seen to help decongest traffic in Metro Manila, aside from providing the necessary infrastructure for Metro Luzon Urban Beltway and development of freight railway system for Luzon.
For verification, the approval of the Subic-Clark Railway Project will be raised to NEDA Board chaired by President Rodrigo Duterte.
ICC-CabCom also noted to increase Metro Manila Subway Project (MMSP)-Phase 1’s cost by from Php355.58 billion to P356.96 billion, that was based on evaluation of the Japan International Cooperation Agency, which will be funded through Official Development Assistance (ODA) loan package. (Angelica Bobiles – PTV)
