The National Economic and Development Authority (NEDA) Board, led by President Marcos, approved key economic initiatives and infrastructure projects during its 23rd and final meeting of 2024.
In a statement, the agency said these included the issuance of an executive order for the Philippines-Korea Free Trade Agreement (PH-KR FTA) and two major infrastructure projects worth P63.2 billion, aimed at enhancing agricultural productivity, connectivity, and disaster resilience.
Highlights of approved projects and initiatives:
1. Philippines-Korea Free Trade Agreement (PH-KR FTA):
- The NEDA Board approved the issuance of an EO to implement tariff commitments under the PH-KR FTA.
- Signed on Sept. 7, 2023, during the 43rd ASEAN Summit, the FTA aims to boost trade and investment between the Philippines and South Korea by reducing market barriers and creating new opportunities for businesses.
- Under the agreement, South Korea will grant duty-free access to 11,164 Philippine products, representing 87.4 percent of Korean imports from the Philippines, valued at $3.18 billion.
2. Ilocos Norte-Ilocos Sur-Abra Irrigation Project (INISAIP):
- Worth P37.5 billion, INISAIP will irrigate 14,672 hectares during the wet season and 13,256 hectares in the dry season.
- It involves building a dam across the Palsiguan River, an afterbay dam in Nueva Era, Ilocos Norte, and a network of irrigation canals to improve water management.
- Renewable energy components, such as hydroelectric power plants and a solar power farm, will be integrated through a public-private partnership.
- The project is expected to benefit 32,604 families in the Ilocos and Cordillera regions over six years.
3. Accelerated Bridge Construction (ABC) Project:
- Valued at ₱25.7 billion, the project aims to build 29 bridges across the country to improve connectivity and bolster disaster resilience.
- Financed through an Official Development Assistance (ODA) loan from the French government, the project includes:
Component 1: Seven long-span bridges (2025–2029).
Component 2: Twenty-two calamity response bridges (2025–2027).
Arsenio Balisacan
The NEDA chief says the projects advance connectivity to boost economic opportunities.
4. Adjustments to ongoing projects:
The NEDA Board approved changes in scope, cost, and implementation timelines for five projects:
- VISTA Project (Department of Agrarian Reform).
- HEAL COVID-19 Project (Department of Health).
- Panglao-Tagbilaran City Offshore Bridge Connector (DPWH).
- Metro Manila Interchange Construction Project, Phase VI (DPWH).
- North-South Commuter Railway System Project – Malolos-Clark Railway, Tranche 1 (DOTr).
5. Infrastructure flagship projects update:
Two newly completed projects under the Build-Better-More Program were reported:
- Plaridel Bypass Project (Phase III): A 22.46-kilometer expanded road, featuring 10 bridges and easing traffic for 15,000 motorists daily.
- Panguil Bay Bridge: Connecting Tangub City and Tubod, the bridge reduces travel time from 2.5 hours to just seven minutes, boosting economic development in Mindanao.
NEDA Secretary Arsenio Balisacan emphasized the significance of these initiatives, saying, “Through these investment and infrastructure initiatives, we are advancing connectivity to enhance economic opportunities and ensure that progress reaches all regions of the country.”
